Correlation Between Groupama Entreprises and Cobas Global
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By analyzing existing cross correlation between Groupama Entreprises N and Cobas Global PP, you can compare the effects of market volatilities on Groupama Entreprises and Cobas Global 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 Groupama Entreprises with a short position of Cobas Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Groupama Entreprises and Cobas Global.
Diversification Opportunities for Groupama Entreprises and Cobas Global
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Groupama and Cobas is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Groupama Entreprises N and Cobas Global PP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cobas Global PP and Groupama Entreprises 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 Groupama Entreprises N are associated (or correlated) with Cobas Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cobas Global PP has no effect on the direction of Groupama Entreprises i.e., Groupama Entreprises and Cobas Global go up and down completely randomly.
Pair Corralation between Groupama Entreprises and Cobas Global
Assuming the 90 days trading horizon Groupama Entreprises is expected to generate 18.3 times less return on investment than Cobas Global. But when comparing it to its historical volatility, Groupama Entreprises N is 51.07 times less risky than Cobas Global. It trades about 1.03 of its potential returns per unit of risk. Cobas Global PP is currently generating about 0.37 of returns per unit of risk over similar time horizon. If you would invest 11,677 in Cobas Global PP on September 14, 2024 and sell it today you would earn a total of 489.00 from holding Cobas Global PP or generate 4.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Groupama Entreprises N vs. Cobas Global PP
Performance |
| Timeline |
| Groupama Entreprises |
| Cobas Global PP |
Groupama Entreprises and Cobas Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Groupama Entreprises and Cobas Global
The main advantage of trading using opposite Groupama Entreprises and Cobas Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Groupama Entreprises position performs unexpectedly, Cobas Global 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 Cobas Global will offset losses from the drop in Cobas Global's long position.| Groupama Entreprises vs. Esfera Robotics R | Groupama Entreprises vs. R co Valor F | Groupama Entreprises vs. CM AM Monplus NE | Groupama Entreprises vs. IE00B0H4TS55 |
| Cobas Global vs. Groupama Entreprises N | Cobas Global vs. Renaissance Europe C | Cobas Global vs. Superior Plus Corp | Cobas Global vs. Origin Agritech |
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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.
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