Correlation Between Sciplay Corp and Bragg Gaming
Can any of the company-specific risk be diversified away by investing in both Sciplay Corp 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 Sciplay Corp and Bragg Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sciplay Corp and Bragg Gaming Group, you can compare the effects of market volatilities on Sciplay Corp 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 Sciplay Corp with a short position of Bragg Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sciplay Corp and Bragg Gaming.
Diversification Opportunities for Sciplay Corp and Bragg Gaming
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sciplay and Bragg is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Sciplay Corp 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 Sciplay Corp 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 Sciplay Corp 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 Sciplay Corp i.e., Sciplay Corp and Bragg Gaming go up and down completely randomly.
Pair Corralation between Sciplay Corp and Bragg Gaming
If you would invest 1,949 in Sciplay Corp on August 24, 2024 and sell it today you would earn a total of 0.00 from holding Sciplay Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Sciplay Corp vs. Bragg Gaming Group
Performance |
| Timeline |
| Sciplay Corp |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Bragg Gaming Group |
Sciplay Corp and Bragg Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sciplay Corp and Bragg Gaming
The main advantage of trading using opposite Sciplay Corp and Bragg Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sciplay Corp 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.| Sciplay Corp vs. SohuCom | Sciplay Corp vs. Snail, Class A | Sciplay Corp vs. Playstudios | Sciplay Corp vs. Playtika Holding Corp |
| Bragg Gaming vs. i3 Interactive | Bragg Gaming vs. Snail, Class A | Bragg Gaming vs. Playstudios | Bragg Gaming vs. GDEV Inc |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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