Correlation Between BRAGG GAMING and Pimco International

By analyzing existing cross correlation between BRAGG GAMING GROUP and Pimco International Bond, you can compare the effects of market volatilities on BRAGG GAMING and Pimco International 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 Pimco International. Check out your portfolio center. Please also check ongoing floating volatility patterns of BRAGG GAMING and Pimco International.

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Can any of the company-specific risk be diversified away by investing in both BRAGG GAMING and Pimco International 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 Pimco International into the same portfolio, which is an essential part of the fundamental portfolio management process.

Diversification Opportunities for BRAGG GAMING and Pimco International

0.0
  Correlation Coefficient
BRAGG GAMING GROUP
Pimco International Bond

Pay attention - limited upside

The 3 months correlation between BRAGG and Pimco is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding BRAGG GAMING GROUP INC and Pimco International Bond in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Pimco International Bond 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 GROUP are associated (or correlated) with Pimco International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pimco International Bond has no effect on the direction of BRAGG GAMING i.e., BRAGG GAMING and Pimco International go up and down completely randomly.

Pair Corralation between BRAGG GAMING and Pimco International

If you would invest  1,033  in Pimco International Bond on September 2, 2021 and sell it today you would earn a total of  47.00  from holding Pimco International Bond or generate 4.55% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

BRAGG GAMING GROUP INC  vs.  Pimco International Bond

 Performance (%) 
      Timeline 
BRAGG GAMING GROUP 
BRAGG Performance
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Over the last 90 days BRAGG GAMING GROUP has generated negative risk-adjusted returns adding no value to investors with long positions. Despite quite persistent basic indicators, BRAGG GAMING is not utilizing all of its potentials. The current stock price mess, may contribute to short-term losses for the institutional investors.
Pimco International Bond 
Pimco Performance
0 of 100
Over the last 90 days Pimco International Bond has generated negative risk-adjusted returns adding no value to fund investors. In spite of fairly strong basic indicators, Pimco International is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

BRAGG GAMING and Pimco International Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with BRAGG GAMING and Pimco International

The main advantage of trading using opposite BRAGG GAMING and Pimco International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if BRAGG GAMING position performs unexpectedly, Pimco International 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 Pimco International will offset losses from the drop in Pimco International's long position.

BRAGG GAMING GROUP

Pair trading matchups for BRAGG GAMING

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The effect of pair diversification on risk is to reduce it, but we should note this doesn't apply to all risk types. When we trade pairs against BRAGG GAMING as a counterpart, there is always some inherent risk that will never be diversified away no matter what. This volatility limits the effect of tactical diversification using pair trading. BRAGG GAMING's systematic risk is the inherent uncertainty of the entire market, and therefore cannot be mitigated even by pair-trading it against the equity that is not highly correlated to it. On the other hand, BRAGG GAMING's unsystematic risk describes the types of risk that we can protect against, at least to some degree, by selecting a matching pair that is not perfectly correlated to BRAGG GAMING GROUP.
The idea behind BRAGG GAMING GROUP and Pimco International Bond pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Probability Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.

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