Correlation Between Wicket Gaming and Global Engine
Can any of the company-specific risk be diversified away by investing in both Wicket Gaming and Global Engine 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 Wicket Gaming and Global Engine into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Wicket Gaming AB and Global Engine Group, you can compare the effects of market volatilities on Wicket Gaming and Global Engine 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 Wicket Gaming with a short position of Global Engine. Check out your portfolio center. Please also check ongoing floating volatility patterns of Wicket Gaming and Global Engine.
Diversification Opportunities for Wicket Gaming and Global Engine
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Wicket and Global is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Wicket Gaming AB and Global Engine Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Engine Group and Wicket 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 Wicket Gaming AB are associated (or correlated) with Global Engine. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Engine Group has no effect on the direction of Wicket Gaming i.e., Wicket Gaming and Global Engine go up and down completely randomly.
Pair Corralation between Wicket Gaming and Global Engine
If you would invest 10.00 in Wicket Gaming AB on August 30, 2024 and sell it today you would earn a total of 0.00 from holding Wicket Gaming AB or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 81.4% |
| Values | Daily Returns |
Wicket Gaming AB vs. Global Engine Group
Performance |
| Timeline |
| Wicket Gaming AB |
| Global Engine Group |
Wicket Gaming and Global Engine Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Wicket Gaming and Global Engine
The main advantage of trading using opposite Wicket Gaming and Global Engine positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Wicket Gaming position performs unexpectedly, Global Engine 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 Global Engine will offset losses from the drop in Global Engine's long position.| Wicket Gaming vs. Playstudios | Wicket Gaming vs. Doubledown Interactive Co | Wicket Gaming vs. Bragg Gaming Group | Wicket Gaming vs. Golden Matrix Group |
| Global Engine vs. Ainsworth Game Technology | Global Engine vs. Evolution Gaming Group | Global Engine vs. Wicket Gaming AB | Global Engine vs. Herc Holdings |
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 Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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