Correlation Between Orca Energy and Bragg Gaming
Can any of the company-specific risk be diversified away by investing in both Orca Energy and Bragg Gaming 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 Orca Energy and Bragg Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Orca Energy Group and Bragg Gaming Group, you can compare the effects of market volatilities on Orca Energy and Bragg Gaming 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 Orca Energy with a short position of Bragg Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Orca Energy and Bragg Gaming.
Diversification Opportunities for Orca Energy and Bragg Gaming
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Orca and Bragg is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Orca Energy Group and Bragg Gaming Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bragg Gaming Group and Orca Energy 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 Orca Energy Group are associated (or correlated) with Bragg Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bragg Gaming Group has no effect on the direction of Orca Energy i.e., Orca Energy and Bragg Gaming go up and down completely randomly.
Pair Corralation between Orca Energy and Bragg Gaming
If you would invest 6,100 in Orca Energy Group on September 1, 2024 and sell it today you would earn a total of 0.00 from holding Orca Energy Group or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Orca Energy Group vs. Bragg Gaming Group
Performance |
| Timeline |
| Orca Energy Group |
| Bragg Gaming Group |
Orca Energy and Bragg Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Orca Energy and Bragg Gaming
The main advantage of trading using opposite Orca Energy and Bragg Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Orca Energy position performs unexpectedly, Bragg Gaming 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 Bragg Gaming will offset losses from the drop in Bragg Gaming's long position.| Orca Energy vs. Canadian Imperial Bank | Orca Energy vs. Constellation Software | Orca Energy vs. Atrium Mortgage Investment | Orca Energy vs. Highwood Asset Management |
| Bragg Gaming vs. Premium Income | Bragg Gaming vs. E L Financial Corp | Bragg Gaming vs. Fairfax Financial Holdings | Bragg Gaming vs. Fairfax Fin Hld |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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