Correlation Between Gaming and SHREE GLOBAL

By analyzing existing cross correlation between Gaming And Leisure and SHREE GLOBAL TRADEFIN, you can compare the effects of market volatilities on Gaming and SHREE GLOBAL 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 Gaming with a short position of SHREE GLOBAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gaming and SHREE GLOBAL.

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

Diversification Opportunities for Gaming and SHREE GLOBAL

-0.72
  Correlation Coefficient
Gaming And Leisure
SHREE GLOBAL TRADEFIN

Pay attention - limited upside

The 3 months correlation between Gaming and SHREE is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Gaming And Leisure Properties and SHREE GLOBAL TRADEFIN LTD in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SHREE GLOBAL TRADEFIN and 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 Gaming And Leisure are associated (or correlated) with SHREE GLOBAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SHREE GLOBAL TRADEFIN has no effect on the direction of Gaming i.e. Gaming and SHREE GLOBAL go up and down completely randomly.

Pair Corralation between Gaming and SHREE GLOBAL

Given the investment horizon of 30 days, Gaming is expected to generate 4.26 times less return on investment than SHREE GLOBAL. But when comparing it to its historical volatility, Gaming And Leisure is 1.73 times less risky than SHREE GLOBAL. It trades about 0.14 of its potential returns per unit of risk. SHREE GLOBAL TRADEFIN is currently generating about 0.33 of returns per unit of risk over similar time horizon. If you would invest  124.00  in SHREE GLOBAL TRADEFIN on June 7, 2020 and sell it today you would earn a total of  54.00  from holding SHREE GLOBAL TRADEFIN or generate 43.55% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthWeak
Accuracy29.51%
ValuesDaily Returns

Gaming And Leisure Properties  vs.  SHREE GLOBAL TRADEFIN LTD

 Performance (%) 
      Timeline 
Gaming And Leisure 
99

Gaming Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Gaming And Leisure are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days. Despite nearly uncertain fundamental indicators, Gaming layed out solid returns over the last few months and may actually be approaching a breakup point.
SHREE GLOBAL TRADEFIN 
00

SHREE GLOBAL Risk-Adjusted Performance

Over the last 30 days SHREE GLOBAL TRADEFIN has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat weak basic indicators, SHREE GLOBAL sustained solid returns over the last few months and may actually be approaching a breakup point.

Gaming and SHREE GLOBAL Volatility Contrast

 Predicted Return Density 
      Returns 
Check out your portfolio center. Please also try Aroon Oscillator module to analyze current equity momentum using aroon oscillator and other momentum ratios.


 
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