Correlation Between Wayside Technology and BRAGG GAMING
Can any of the company-specific risk be diversified away by investing in both Wayside Technology 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 Wayside Technology and BRAGG GAMING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Wayside Technology Group and BRAGG GAMING GRP, you can compare the effects of market volatilities on Wayside Technology 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 Wayside Technology with a short position of BRAGG GAMING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wayside Technology and BRAGG GAMING.
Diversification Opportunities for Wayside Technology and BRAGG GAMING
-0.9 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Wayside and BRAGG is -0.9. Overlapping area represents the amount of risk that can be diversified away by holding Wayside Technology Group and BRAGG GAMING GRP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BRAGG GAMING GRP and Wayside Technology 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 Wayside Technology 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 GRP has no effect on the direction of Wayside Technology i.e., Wayside Technology and BRAGG GAMING go up and down completely randomly.
Pair Corralation between Wayside Technology and BRAGG GAMING
Assuming the 90 days horizon Wayside Technology Group is expected to generate 0.88 times more return on investment than BRAGG GAMING. However, Wayside Technology Group is 1.14 times less risky than BRAGG GAMING. It trades about 0.1 of its potential returns per unit of risk. BRAGG GAMING GRP is currently generating about 0.01 per unit of risk. If you would invest 3,531 in Wayside Technology Group on October 16, 2024 and sell it today you would earn a total of 8,469 from holding Wayside Technology Group or generate 239.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Wayside Technology Group vs. BRAGG GAMING GRP
Performance |
| Timeline |
| Wayside Technology |
| BRAGG GAMING GRP |
Wayside Technology and BRAGG GAMING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wayside Technology and BRAGG GAMING
The main advantage of trading using opposite Wayside Technology and BRAGG GAMING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wayside Technology 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.| Wayside Technology vs. Lendlease Group | Wayside Technology vs. Sixt Leasing SE | Wayside Technology vs. Global Ship Lease | Wayside Technology vs. MOVIE GAMES SA |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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