Correlation Between Allan Gray and Allan Gray
Specify exactly 2 symbols:
By analyzing existing cross correlation between Allan Gray Tax free and Allan Gray Equity, you can compare the effects of market volatilities on Allan Gray and Allan Gray 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 Allan Gray with a short position of Allan Gray. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allan Gray and Allan Gray.
Diversification Opportunities for Allan Gray and Allan Gray
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Allan and Allan is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Allan Gray Tax free and Allan Gray Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allan Gray Equity and Allan Gray 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 Allan Gray Tax free are associated (or correlated) with Allan Gray. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allan Gray Equity has no effect on the direction of Allan Gray i.e., Allan Gray and Allan Gray go up and down completely randomly.
Pair Corralation between Allan Gray and Allan Gray
Assuming the 90 days trading horizon Allan Gray is expected to generate 1.24 times less return on investment than Allan Gray. But when comparing it to its historical volatility, Allan Gray Tax free is 1.29 times less risky than Allan Gray. It trades about 0.13 of its potential returns per unit of risk. Allan Gray Equity is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 60,370 in Allan Gray Equity on September 12, 2024 and sell it today you would earn a total of 751.00 from holding Allan Gray Equity or generate 1.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Allan Gray Tax free vs. Allan Gray Equity
Performance |
| Timeline |
| Allan Gray Tax |
| Allan Gray Equity |
Allan Gray and Allan Gray Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allan Gray and Allan Gray
The main advantage of trading using opposite Allan Gray and Allan Gray positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allan Gray position performs unexpectedly, Allan Gray 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 Allan Gray will offset losses from the drop in Allan Gray's long position.| Allan Gray vs. NewFunds Low Volatility | Allan Gray vs. Sasol Ltd Bee | Allan Gray vs. Centaur Bci Balanced | Allan Gray vs. Coronation Global Equity |
| Allan Gray vs. Allan Gray orbis Global | Allan Gray vs. Allan Gray | Allan Gray vs. Allan Gray Tax free | Allan Gray vs. 4d Bci Moderate |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |