Correlation Between Everi Holdings and Angel Oak
Can any of the company-specific risk be diversified away by investing in both Everi Holdings and Angel Oak 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 Everi Holdings and Angel Oak into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Everi Holdings and Angel Oak Flexible, you can compare the effects of market volatilities on Everi Holdings and Angel Oak 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 Everi Holdings with a short position of Angel Oak. Check out your portfolio center. Please also check ongoing floating volatility patterns of Everi Holdings and Angel Oak.
Diversification Opportunities for Everi Holdings and Angel Oak
-0.8 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Everi and Angel is -0.8. Overlapping area represents the amount of risk that can be diversified away by holding Everi Holdings and Angel Oak Flexible in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angel Oak Flexible and Everi Holdings 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 Everi Holdings are associated (or correlated) with Angel Oak. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Angel Oak Flexible has no effect on the direction of Everi Holdings i.e., Everi Holdings and Angel Oak go up and down completely randomly.
Pair Corralation between Everi Holdings and Angel Oak
Given the investment horizon of 90 days Everi Holdings is expected to under-perform the Angel Oak. In addition to that, Everi Holdings is 16.56 times more volatile than Angel Oak Flexible. It trades about -0.18 of its total potential returns per unit of risk. Angel Oak Flexible is currently generating about 0.26 per unit of volatility. If you would invest 756.00 in Angel Oak Flexible on January 27, 2024 and sell it today you would earn a total of 17.00 from holding Angel Oak Flexible or generate 2.25% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Everi Holdings vs. Angel Oak Flexible
Performance |
Timeline |
Everi Holdings |
Angel Oak Flexible |
Everi Holdings and Angel Oak Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Everi Holdings and Angel Oak
The main advantage of trading using opposite Everi Holdings and Angel Oak positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Everi Holdings position performs unexpectedly, Angel Oak 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 Angel Oak will offset losses from the drop in Angel Oak's long position.Everi Holdings vs. Light Wonder | Everi Holdings vs. PlayAGS | Everi Holdings vs. Inspired Entertainment | Everi Holdings vs. Lottery Warrants |
Angel Oak vs. Angel Oak Multi Strategy | Angel Oak vs. Angel Oak Flexible | Angel Oak vs. Angel Oak Multi Strategy | Angel Oak vs. Doubleline Income Solutions |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
Content Syndication Quickly integrate customizable finance content to your own investment portal | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Commodity Directory Find actively traded commodities issued by global exchanges |