Correlation Between Royal Wins and Gan
Can any of the company-specific risk be diversified away by investing in both Royal Wins 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 Royal Wins and Gan into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Royal Wins and Gan, you can compare the effects of market volatilities on Royal Wins 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 Royal Wins with a short position of Gan. Check out your portfolio center. Please also check ongoing floating volatility patterns of Royal Wins and Gan.
Diversification Opportunities for Royal Wins and Gan
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Royal and Gan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Royal Wins and Gan in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan and Royal Wins 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 Royal Wins 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 Royal Wins i.e., Royal Wins and Gan go up and down completely randomly.
Pair Corralation between Royal Wins and Gan
If you would invest 181.00 in Gan on August 29, 2024 and sell it today you would earn a total of 2.00 from holding Gan or generate 1.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Royal Wins vs. Gan
Performance |
| Timeline |
| Royal Wins |
| Gan |
Royal Wins and Gan Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Royal Wins and Gan
The main advantage of trading using opposite Royal Wins and Gan positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Royal Wins 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.| Royal Wins vs. 888 Holdings | Royal Wins vs. Real Luck Group | Royal Wins vs. Betmakers Technology Group | Royal Wins vs. Intema Solutions |
| 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume |