Correlation Between BRAGG GAMING and Chemed

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

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

Diversification Opportunities for BRAGG GAMING and Chemed

0.0

Correlation Coefficient

BRAGG GAMING  Chemed

Pay attention - limited upside

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

Pair Corralation between BRAGG GAMING and Chemed

If you would invest  344.00  in BRAGG GAMING GRP on April 24, 2025 and sell it today you would earn a total of  54.00  from holding BRAGG GAMING GRP or generate 15.7% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	0.0%
Values	Daily Returns

BRAGG GAMING GRP  vs.  Chemed

BRAGG GAMING GRP

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in BRAGG GAMING GRP are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Despite nearly uncertain basic indicators, BRAGG GAMING reported solid returns over the last few months and may actually be approaching a breakup point.

Chemed

Risk-Adjusted Performance

Very Weak

Over the last 90 days Chemed has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Chemed is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Pair Trading with BRAGG GAMING and Chemed

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

The idea behind BRAGG GAMING GRP and Chemed 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.

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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.