Correlation Between International Game and Canterbury Park
Can any of the company-specific risk be diversified away by investing in both International Game and Canterbury Park 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 International Game and Canterbury Park into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between International Game Technology and Canterbury Park Holding, you can compare the effects of market volatilities on International Game and Canterbury Park 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 International Game with a short position of Canterbury Park. Check out your portfolio center. Please also check ongoing floating volatility patterns of International Game and Canterbury Park.
Diversification Opportunities for International Game and Canterbury Park
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between International and Canterbury is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding International Game Technology and Canterbury Park Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Canterbury Park Holding and International Game 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 International Game Technology are associated (or correlated) with Canterbury Park. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Canterbury Park Holding has no effect on the direction of International Game i.e., International Game and Canterbury Park go up and down completely randomly.
Pair Corralation between International Game and Canterbury Park
Considering the 90-day investment horizon International Game Technology is expected to under-perform the Canterbury Park. But the stock apears to be less risky and, when comparing its historical volatility, International Game Technology is 40.72 times less risky than Canterbury Park. The stock trades about -0.04 of its potential returns per unit of risk. The Canterbury Park Holding is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 1,883 in Canterbury Park Holding on August 26, 2024 and sell it today you would earn a total of 112.00 from holding Canterbury Park Holding or generate 5.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 96.79% |
| Values | Daily Returns |
International Game Technology vs. Canterbury Park Holding
Performance |
| Timeline |
| International Game |
| Canterbury Park Holding |
International Game and Canterbury Park Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with International Game and Canterbury Park
The main advantage of trading using opposite International Game and Canterbury Park positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if International Game position performs unexpectedly, Canterbury Park 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 Canterbury Park will offset losses from the drop in Canterbury Park's long position.| International Game vs. Accel Entertainment | International Game vs. PlayAGS | International Game vs. Everi Holdings | International Game vs. Light Wonder |
| Canterbury Park vs. Community West Bancshares | Canterbury Park vs. Citizens Community Bancorp | Canterbury Park vs. Bridgford Foods |
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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
Other Complementary Tools
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |