Correlation Between Accel Entertainment and Neogames

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

By analyzing existing cross correlation between Accel Entertainment and Neogames SA, you can compare the effects of market volatilities on Accel Entertainment and Neogames 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 Accel Entertainment with a short position of Neogames. Check out your portfolio center. Please also check ongoing floating volatility patterns of Accel Entertainment and Neogames.

Diversification Opportunities for Accel Entertainment and Neogames

0.0

Correlation Coefficient

Accel Entertainment  Neogames

Pay attention - limited upside

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

Pair Corralation between Accel Entertainment and Neogames

If you would invest  1,127  in Accel Entertainment on September 16, 2025 and sell it today you would lose (1.00) from holding Accel Entertainment or give up 0.09% of portfolio value over 90 days.

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

Accel Entertainment  vs.  Neogames SA

Accel Entertainment

Risk-Adjusted Performance

Soft

Compared to the overall equity markets, risk-adjusted returns on investments in Accel Entertainment are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Despite quite persistent technical and fundamental indicators, Accel Entertainment is not utilizing all of its potentials. The current stock price mess, may contribute to short-term losses for the institutional investors.

Neogames SA

Risk-Adjusted Performance

Weakest

Over the last 90 days Neogames SA has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable primary indicators, Neogames is not utilizing all of its potentials. The recent stock price uproar, may contribute to short-horizon losses for the private investors.

Pair Trading with Accel Entertainment and Neogames

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

The idea behind Accel Entertainment and Neogames SA 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 the Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.