Correlation Between Champion Gaming and Brookfield Office
Can any of the company-specific risk be diversified away by investing in both Champion Gaming and Brookfield Office 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 Champion Gaming and Brookfield Office into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Champion Gaming Group and Brookfield Office Properties, you can compare the effects of market volatilities on Champion Gaming and Brookfield Office 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 Champion Gaming with a short position of Brookfield Office. Check out your portfolio center. Please also check ongoing floating volatility patterns of Champion Gaming and Brookfield Office.
Diversification Opportunities for Champion Gaming and Brookfield Office
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Champion and Brookfield is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Champion Gaming Group and Brookfield Office Properties in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Brookfield Office and Champion 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 Champion Gaming Group are associated (or correlated) with Brookfield Office. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Brookfield Office has no effect on the direction of Champion Gaming i.e., Champion Gaming and Brookfield Office go up and down completely randomly.
Pair Corralation between Champion Gaming and Brookfield Office
Assuming the 90 days trading horizon Champion Gaming is expected to generate 4.7 times less return on investment than Brookfield Office. In addition to that, Champion Gaming is 5.4 times more volatile than Brookfield Office Properties. It trades about 0.0 of its total potential returns per unit of risk. Brookfield Office Properties is currently generating about 0.02 per unit of volatility. If you would invest 1,959 in Brookfield Office Properties on October 14, 2024 and sell it today you would earn a total of 246.00 from holding Brookfield Office Properties or generate 12.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Champion Gaming Group vs. Brookfield Office Properties
Performance |
| Timeline |
| Champion Gaming Group |
| Brookfield Office |
Champion Gaming and Brookfield Office Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Champion Gaming and Brookfield Office
The main advantage of trading using opposite Champion Gaming and Brookfield Office positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Champion Gaming position performs unexpectedly, Brookfield Office 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 Brookfield Office will offset losses from the drop in Brookfield Office's long position.| Champion Gaming vs. Intact Financial Corp | Champion Gaming vs. Forsys Metals Corp | Champion Gaming vs. First National Financial | Champion Gaming vs. Income Financial Trust |
| Brookfield Office vs. Maple Leaf Foods | Brookfield Office vs. HPQ Silicon Resources | Brookfield Office vs. NeuPath Health | Brookfield Office vs. Champion Gaming Group |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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