Correlation Between WIG 30 and True Games
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By analyzing existing cross correlation between WIG 30 and True Games Syndicate, you can compare the effects of market volatilities on WIG 30 and True Games 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 WIG 30 with a short position of True Games. Check out your portfolio center. Please also check ongoing floating volatility patterns of WIG 30 and True Games.
Diversification Opportunities for WIG 30 and True Games
0.76 | Correlation Coefficient |
Poor diversification
The 3 months correlation between WIG and True is 0.76. Overlapping area represents the amount of risk that can be diversified away by holding WIG 30 and True Games Syndicate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on True Games Syndicate and WIG 30 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 WIG 30 are associated (or correlated) with True Games. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of True Games Syndicate has no effect on the direction of WIG 30 i.e., WIG 30 and True Games go up and down completely randomly.
Pair Corralation between WIG 30 and True Games
Assuming the 90 days trading horizon WIG 30 is expected to generate 4.95 times less return on investment than True Games. But when comparing it to its historical volatility, WIG 30 is 5.32 times less risky than True Games. It trades about 0.05 of its potential returns per unit of risk. True Games Syndicate is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 30.00 in True Games Syndicate on August 24, 2024 and sell it today you would earn a total of 18.00 from holding True Games Syndicate or generate 60.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 88.48% |
| Values | Daily Returns |
WIG 30 vs. True Games Syndicate
Performance |
| Timeline |
WIG 30 and True Games Volatility Contrast
Predicted Return Density |
| Returns |
WIG 30
Pair trading matchups for WIG 30
True Games Syndicate
Pair trading matchups for True Games
Pair Trading with WIG 30 and True Games
The main advantage of trading using opposite WIG 30 and True Games positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if WIG 30 position performs unexpectedly, True Games 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 True Games will offset losses from the drop in True Games' long position.| WIG 30 vs. Intersport Polska SA | WIG 30 vs. Cloud Technologies SA | WIG 30 vs. GreenX Metals | WIG 30 vs. Mlk Foods Public |
| True Games vs. Drago entertainment SA | True Games vs. Echo Investment SA | True Games vs. Gremi Media SA | True Games vs. Datawalk SA |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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