Correlation Between BRAGG GAMING and 10X GENOMICS
Can any of the company-specific risk be diversified away by investing in both BRAGG GAMING and 10X GENOMICS 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 BRAGG GAMING and 10X GENOMICS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between BRAGG GAMING GRP and 10X GENOMICS DL, you can compare the effects of market volatilities on BRAGG GAMING and 10X GENOMICS 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 BRAGG GAMING with a short position of 10X GENOMICS. Check out your portfolio center. Please also check ongoing floating volatility patterns of BRAGG GAMING and 10X GENOMICS.
Diversification Opportunities for BRAGG GAMING and 10X GENOMICS
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between BRAGG and 10X is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding BRAGG GAMING GRP and 10X GENOMICS DL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 10X GENOMICS DL and BRAGG 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 BRAGG GAMING GRP are associated (or correlated) with 10X GENOMICS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 10X GENOMICS DL has no effect on the direction of BRAGG GAMING i.e., BRAGG GAMING and 10X GENOMICS go up and down completely randomly.
Pair Corralation between BRAGG GAMING and 10X GENOMICS
Assuming the 90 days horizon BRAGG GAMING GRP is expected to under-perform the 10X GENOMICS. But the stock apears to be less risky and, when comparing its historical volatility, BRAGG GAMING GRP is 2.25 times less risky than 10X GENOMICS. The stock trades about -0.11 of its potential returns per unit of risk. The 10X GENOMICS DL is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 1,478 in 10X GENOMICS DL on October 12, 2024 and sell it today you would lose (15.00) from holding 10X GENOMICS DL or give up 1.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 94.44% |
| Values | Daily Returns |
BRAGG GAMING GRP vs. 10X GENOMICS DL
Performance |
| Timeline |
| BRAGG GAMING GRP |
| 10X GENOMICS DL |
BRAGG GAMING and 10X GENOMICS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with BRAGG GAMING and 10X GENOMICS
The main advantage of trading using opposite BRAGG GAMING and 10X GENOMICS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BRAGG GAMING position performs unexpectedly, 10X GENOMICS 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 10X GENOMICS will offset losses from the drop in 10X GENOMICS's long position.| BRAGG GAMING vs. SALESFORCE INC CDR | BRAGG GAMING vs. NORTHEAST UTILITIES | BRAGG GAMING vs. MOVIE GAMES SA | BRAGG GAMING vs. MUTUIONLINE |
| 10X GENOMICS vs. SENECA FOODS A | 10X GENOMICS vs. CVW CLEANTECH INC | 10X GENOMICS vs. BRAGG GAMING GRP | 10X GENOMICS vs. GigaMedia |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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