Correlation Between Orbit Garant and Bragg Gaming
Can any of the company-specific risk be diversified away by investing in both Orbit Garant and Bragg Gaming 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 Orbit Garant and Bragg Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Orbit Garant Drilling and Bragg Gaming Group, you can compare the effects of market volatilities on Orbit Garant and Bragg Gaming 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 Orbit Garant with a short position of Bragg Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Orbit Garant and Bragg Gaming.
Diversification Opportunities for Orbit Garant and Bragg Gaming
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Orbit and Bragg is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Orbit Garant Drilling and Bragg Gaming Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bragg Gaming Group and Orbit Garant 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 Orbit Garant Drilling are associated (or correlated) with Bragg Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bragg Gaming Group has no effect on the direction of Orbit Garant i.e., Orbit Garant and Bragg Gaming go up and down completely randomly.
Pair Corralation between Orbit Garant and Bragg Gaming
Assuming the 90 days trading horizon Orbit Garant Drilling is expected to under-perform the Bragg Gaming. In addition to that, Orbit Garant is 1.23 times more volatile than Bragg Gaming Group. It trades about -0.1 of its total potential returns per unit of risk. Bragg Gaming Group is currently generating about 0.02 per unit of volatility. If you would invest 306.00 in Bragg Gaming Group on September 5, 2025 and sell it today you would lose (1.00) from holding Bragg Gaming Group or give up 0.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Orbit Garant Drilling vs. Bragg Gaming Group
Performance |
| Timeline |
| Orbit Garant Drilling |
| Bragg Gaming Group |
Orbit Garant and Bragg Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Orbit Garant and Bragg Gaming
The main advantage of trading using opposite Orbit Garant and Bragg Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Orbit Garant position performs unexpectedly, Bragg Gaming 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 Bragg Gaming will offset losses from the drop in Bragg Gaming's long position.| Orbit Garant vs. Air Canada | Orbit Garant vs. Firan Technology Group | Orbit Garant vs. TGS Esports | Orbit Garant vs. Data Communications Management |
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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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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