Correlation Between Contagious Gaming and PGE Corp

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Can any of the company-specific risk be diversified away by investing in both Contagious Gaming and PGE Corp 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 Contagious Gaming and PGE Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Contagious Gaming and PGE Corp, you can compare the effects of market volatilities on Contagious Gaming and PGE Corp 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 Contagious Gaming with a short position of PGE Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Contagious Gaming and PGE Corp.

Diversification Opportunities for Contagious Gaming and PGE Corp

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Contagious and PGE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Contagious Gaming and PGE Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PGE Corp and Contagious Gaming 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 Contagious Gaming are associated (or correlated) with PGE Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PGE Corp has no effect on the direction of Contagious Gaming i.e., Contagious Gaming and PGE Corp go up and down completely randomly.

Pair Corralation between Contagious Gaming and PGE Corp

If you would invest  1,830  in PGE Corp on September 2, 2024 and sell it today you would earn a total of  333.00  from holding PGE Corp or generate 18.2% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy99.21%
ValuesDaily Returns

Contagious Gaming  vs.  PGE Corp

 Performance 
       Timeline  
Contagious Gaming 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Contagious Gaming has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Contagious Gaming is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.
PGE Corp 

Risk-Adjusted Performance

9 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in PGE Corp are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Despite nearly unsteady fundamental indicators, PGE Corp may actually be approaching a critical reversion point that can send shares even higher in January 2025.

Contagious Gaming and PGE Corp Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Contagious Gaming and PGE Corp

The main advantage of trading using opposite Contagious Gaming and PGE Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Contagious Gaming position performs unexpectedly, PGE Corp 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 PGE Corp will offset losses from the drop in PGE Corp's long position.
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The idea behind Contagious Gaming and PGE Corp pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..

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