Correlation Between CONTAGIOUS GAMING and Penn National
Can any of the company-specific risk be diversified away by investing in both CONTAGIOUS GAMING and Penn National 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 Penn National into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CONTAGIOUS GAMING INC and Penn National Gaming, you can compare the effects of market volatilities on CONTAGIOUS GAMING and Penn National 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 Penn National. Check out your portfolio center. Please also check ongoing floating volatility patterns of CONTAGIOUS GAMING and Penn National.
Diversification Opportunities for CONTAGIOUS GAMING and Penn National
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CONTAGIOUS and Penn is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CONTAGIOUS GAMING INC and Penn National Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Penn National Gaming 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 INC are associated (or correlated) with Penn National. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Penn National Gaming has no effect on the direction of CONTAGIOUS GAMING i.e., CONTAGIOUS GAMING and Penn National go up and down completely randomly.
Pair Corralation between CONTAGIOUS GAMING and Penn National
If you would invest 0.30 in CONTAGIOUS GAMING INC on October 15, 2024 and sell it today you would earn a total of 0.00 from holding CONTAGIOUS GAMING INC or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 93.75% |
| Values | Daily Returns |
CONTAGIOUS GAMING INC vs. Penn National Gaming
Performance |
| Timeline |
| CONTAGIOUS GAMING INC |
| Penn National Gaming |
CONTAGIOUS GAMING and Penn National Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CONTAGIOUS GAMING and Penn National
The main advantage of trading using opposite CONTAGIOUS GAMING and Penn National positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CONTAGIOUS GAMING position performs unexpectedly, Penn National 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 Penn National will offset losses from the drop in Penn National's long position.| CONTAGIOUS GAMING vs. TRADELINK ELECTRON | CONTAGIOUS GAMING vs. SIDETRADE EO 1 | CONTAGIOUS GAMING vs. RETAIL FOOD GROUP | CONTAGIOUS GAMING vs. MARKET VECTR RETAIL |
| Penn National vs. Astral Foods Limited | Penn National vs. CONTAGIOUS GAMING INC | Penn National vs. Tyson Foods | Penn National vs. INDOFOOD AGRI RES |
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 Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |