Correlation Between Global Gaming and Skillz Platform

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

By analyzing existing cross correlation between Global Gaming Technologies and Skillz Platform, you can compare the effects of market volatilities on Global Gaming and Skillz Platform 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 Global Gaming with a short position of Skillz Platform. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Gaming and Skillz Platform.

Diversification Opportunities for Global Gaming and Skillz Platform

0.0

Correlation Coefficient

Global Gaming  Skillz Platform

Pay attention - limited upside

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

Pair Corralation between Global Gaming and Skillz Platform

If you would invest  518.00  in Skillz Platform on May 7, 2025 and sell it today you would earn a total of  186.00  from holding Skillz Platform or generate 35.91% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	98.36%
Values	Daily Returns

Global Gaming Technologies  vs.  Skillz Platform

Global Gaming Techno

Risk-Adjusted Performance

Very Weak

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

Skillz Platform

Risk-Adjusted Performance

OK

Compared to the overall equity markets, risk-adjusted returns on investments in Skillz Platform are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. In spite of fairly weak essential indicators, Skillz Platform showed solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Global Gaming and Skillz Platform

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

The idea behind Global Gaming Technologies and Skillz Platform 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.