Correlation Between Proficient Auto and Galaxy Gaming
Can any of the company-specific risk be diversified away by investing in both Proficient Auto and Galaxy 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 Proficient Auto and Galaxy Gaming into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Proficient Auto Logistics, and Galaxy Gaming, you can compare the effects of market volatilities on Proficient Auto and Galaxy 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 Proficient Auto with a short position of Galaxy Gaming. Check out your portfolio center. Please also check ongoing floating volatility patterns of Proficient Auto and Galaxy Gaming.
Diversification Opportunities for Proficient Auto and Galaxy Gaming
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Proficient and Galaxy is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Proficient Auto Logistics, and Galaxy Gaming in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Galaxy Gaming and Proficient Auto 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 Proficient Auto Logistics, are associated (or correlated) with Galaxy Gaming. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Galaxy Gaming has no effect on the direction of Proficient Auto i.e., Proficient Auto and Galaxy Gaming go up and down completely randomly.
Pair Corralation between Proficient Auto and Galaxy Gaming
Considering the 90-day investment horizon Proficient Auto Logistics, is expected to under-perform the Galaxy Gaming. But the stock apears to be less risky and, when comparing its historical volatility, Proficient Auto Logistics, is 1.14 times less risky than Galaxy Gaming. The stock trades about -0.02 of its potential returns per unit of risk. The Galaxy Gaming is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 284.00 in Galaxy Gaming on June 6, 2025 and sell it today you would earn a total of 1.00 from holding Galaxy Gaming or generate 0.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 66.94% |
| Values | Daily Returns |
Proficient Auto Logistics, vs. Galaxy Gaming
Performance |
| Timeline |
| Proficient Auto Logi |
| Galaxy Gaming |
Proficient Auto and Galaxy Gaming Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Proficient Auto and Galaxy Gaming
The main advantage of trading using opposite Proficient Auto and Galaxy Gaming positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Proficient Auto position performs unexpectedly, Galaxy 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 Galaxy Gaming will offset losses from the drop in Galaxy Gaming's long position.| Proficient Auto vs. Expeditors International of | Proficient Auto vs. FedEx | Proficient Auto vs. BingEx | Proficient Auto vs. Globavend Holdings Limited |
| Galaxy Gaming vs. Good Gaming | Galaxy Gaming vs. 888 Holdings | Galaxy Gaming vs. Real Luck Group | Galaxy Gaming vs. Table Trac |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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