Correlation Between Igoria Trade and 3R Games
Can any of the company-specific risk be diversified away by investing in both Igoria Trade and 3R Games at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Igoria Trade and 3R Games into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Igoria Trade SA and 3R Games SA, you can compare the effects of market volatilities on Igoria Trade and 3R Games and check how they will diversify away market risk if combined in the same portfolio for a given time horizon. You can also utilize pair trading strategies of matching a long position in Igoria Trade with a short position of 3R Games. Check out your portfolio center. Please also check ongoing floating volatility patterns of Igoria Trade and 3R Games.
Diversification Opportunities for Igoria Trade and 3R Games
0.2 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Igoria and 3RG is 0.2. Overlapping area represents the amount of risk that can be diversified away by holding Igoria Trade SA and 3R Games SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 3R Games SA and Igoria Trade is a relative statistical measure of the degree to which these equity instruments tend to move together. The correlation coefficient measures the extent to which returns on Igoria Trade SA are associated (or correlated) with 3R Games. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 3R Games SA has no effect on the direction of Igoria Trade i.e., Igoria Trade and 3R Games go up and down completely randomly.
Pair Corralation between Igoria Trade and 3R Games
Assuming the 90 days trading horizon Igoria Trade SA is expected to generate 2.1 times more return on investment than 3R Games. However, Igoria Trade is 2.1 times more volatile than 3R Games SA. It trades about 0.04 of its potential returns per unit of risk. 3R Games SA is currently generating about -0.02 per unit of risk. If you would invest 25.00 in Igoria Trade SA on September 1, 2024 and sell it today you would earn a total of 2.00 from holding Igoria Trade SA or generate 8.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 97.59% |
| Values | Daily Returns |
Igoria Trade SA vs. 3R Games SA
Performance |
| Timeline |
| Igoria Trade SA |
| 3R Games SA |
Igoria Trade and 3R Games Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Igoria Trade and 3R Games
The main advantage of trading using opposite Igoria Trade and 3R Games positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Igoria Trade position performs unexpectedly, 3R Games can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in 3R Games will offset losses from the drop in 3R Games' long position.| Igoria Trade vs. Asseco Business Solutions | Igoria Trade vs. Detalion Games SA | Igoria Trade vs. Asseco South Eastern | Igoria Trade vs. CFI Holding SA |
| 3R Games vs. Quantum Software SA | 3R Games vs. GreenX Metals | 3R Games vs. UniCredit SpA | 3R Games vs. SOFTWARE MANSION SPOLKA |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |