Correlation Between Griffon and 191216DD9
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By analyzing existing cross correlation between Griffon and COCA COLA CO, you can compare the effects of market volatilities on Griffon and 191216DD9 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 Griffon with a short position of 191216DD9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffon and 191216DD9.
Diversification Opportunities for Griffon and 191216DD9
Good diversification
The 3 months correlation between Griffon and 191216DD9 is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Griffon and COCA COLA CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on COCA A CO and Griffon 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 Griffon are associated (or correlated) with 191216DD9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of COCA A CO has no effect on the direction of Griffon i.e., Griffon and 191216DD9 go up and down completely randomly.
Pair Corralation between Griffon and 191216DD9
Considering the 90-day investment horizon Griffon is expected to generate 9.02 times more return on investment than 191216DD9. However, Griffon is 9.02 times more volatile than COCA COLA CO. It trades about 0.03 of its potential returns per unit of risk. COCA COLA CO is currently generating about -0.01 per unit of risk. If you would invest 6,963 in Griffon on September 24, 2024 and sell it today you would earn a total of 225.00 from holding Griffon or generate 3.23% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 95.38% |
Values | Daily Returns |
Griffon vs. COCA COLA CO
Performance |
Timeline |
Griffon |
COCA A CO |
Griffon and 191216DD9 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Griffon and 191216DD9
The main advantage of trading using opposite Griffon and 191216DD9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffon position performs unexpectedly, 191216DD9 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 191216DD9 will offset losses from the drop in 191216DD9's long position.Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings | Griffon vs. Steel Partners Holdings |
191216DD9 vs. Xponential Fitness | 191216DD9 vs. Olympic Steel | 191216DD9 vs. Griffon | 191216DD9 vs. Highway Holdings Limited |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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