Correlation Between Getty Copper and Griffon
Can any of the company-specific risk be diversified away by investing in both Getty Copper and Griffon 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 Getty Copper and Griffon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Getty Copper and Griffon, you can compare the effects of market volatilities on Getty Copper and Griffon 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 Getty Copper with a short position of Griffon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Getty Copper and Griffon.
Diversification Opportunities for Getty Copper and Griffon
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Getty and Griffon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Getty Copper and Griffon in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Griffon and Getty Copper 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 Getty Copper are associated (or correlated) with Griffon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Griffon has no effect on the direction of Getty Copper i.e., Getty Copper and Griffon go up and down completely randomly.
Pair Corralation between Getty Copper and Griffon
If you would invest 1.11 in Getty Copper on February 5, 2024 and sell it today you would earn a total of 0.00 from holding Getty Copper or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Getty Copper vs. Griffon
Performance |
Timeline |
Getty Copper |
Griffon |
Getty Copper and Griffon Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Getty Copper and Griffon
The main advantage of trading using opposite Getty Copper and Griffon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Getty Copper position performs unexpectedly, Griffon 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 Griffon will offset losses from the drop in Griffon's long position.Getty Copper vs. Centaurus Metals Limited | Getty Copper vs. Ardea Resources Limited | Getty Copper vs. Edison Cobalt Corp | Getty Copper vs. Canada Silver Cobalt |
Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Compass Diversified Holdings | Griffon vs. Compass Diversified |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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