Correlation Between Lottery, Warrants and Gan
Can any of the company-specific risk be diversified away by investing in both Lottery, Warrants and Gan 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 Lottery, Warrants and Gan into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Lottery, Warrants and Gan, you can compare the effects of market volatilities on Lottery, Warrants and Gan 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 Lottery, Warrants with a short position of Gan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Lottery, Warrants and Gan.
Diversification Opportunities for Lottery, Warrants and Gan
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Lottery, and Gan is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Lottery, Warrants and Gan in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan and Lottery, Warrants 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 Lottery, Warrants are associated (or correlated) with Gan. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan has no effect on the direction of Lottery, Warrants i.e., Lottery, Warrants and Gan go up and down completely randomly.
Pair Corralation between Lottery, Warrants and Gan
Assuming the 90 days horizon Lottery, Warrants is expected to generate 2.78 times more return on investment than Gan. However, Lottery, Warrants is 2.78 times more volatile than Gan. It trades about 0.06 of its potential returns per unit of risk. Gan is currently generating about 0.02 per unit of risk. If you would invest 1.39 in Lottery, Warrants on August 28, 2024 and sell it today you would lose (0.43) from holding Lottery, Warrants or give up 30.94% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.18% |
| Values | Daily Returns |
Lottery, Warrants vs. Gan
Performance |
| Timeline |
| Lottery, Warrants |
| Gan |
Lottery, Warrants and Gan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Lottery, Warrants and Gan
The main advantage of trading using opposite Lottery, Warrants and Gan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Lottery, Warrants position performs unexpectedly, Gan 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 Gan will offset losses from the drop in Gan's long position.| Lottery, Warrants vs. Lottery, Common Stock | Lottery, Warrants vs. Microvast Holdings | Lottery, Warrants vs. AEye Inc | Lottery, Warrants vs. Bakkt Holdings Warrant |
| Gan vs. Rush Street Interactive | Gan vs. Inspired Entertainment | Gan vs. PointsBet Holdings Limited | Gan vs. PlayAGS |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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