Correlation Between Cobas Global and Templeton Global
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cobas Global PP and Templeton Global AD, you can compare the effects of market volatilities on Cobas Global and Templeton 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 Cobas Global with a short position of Templeton Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cobas Global and Templeton Global.
Diversification Opportunities for Cobas Global and Templeton Global
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cobas and Templeton is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Cobas Global PP and Templeton Global AD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Templeton Global and Cobas Global 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 Cobas Global PP are associated (or correlated) with Templeton Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Templeton Global has no effect on the direction of Cobas Global i.e., Cobas Global and Templeton Global go up and down completely randomly.
Pair Corralation between Cobas Global and Templeton Global
Assuming the 90 days trading horizon Cobas Global PP is expected to under-perform the Templeton Global. But the fund apears to be less risky and, when comparing its historical volatility, Cobas Global PP is 1.88 times less risky than Templeton Global. The fund trades about -0.16 of its potential returns per unit of risk. The Templeton Global AD is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 2,916 in Templeton Global AD on November 2, 2024 and sell it today you would earn a total of 22.00 from holding Templeton Global AD or generate 0.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
Cobas Global PP vs. Templeton Global AD
Performance |
| Timeline |
| Cobas Global PP |
| Templeton Global |
Cobas Global and Templeton Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cobas Global and Templeton Global
The main advantage of trading using opposite Cobas Global and Templeton Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cobas Global position performs unexpectedly, Templeton 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 Templeton Global will offset losses from the drop in Templeton Global's long position.| Cobas Global vs. Groupama Entreprises N | Cobas Global vs. Renaissance Europe C | Cobas Global vs. Superior Plus Corp | Cobas Global vs. Origin Agritech |
| Templeton Global vs. Azvalor Global Value | Templeton Global vs. JPM Global Natural | Templeton Global vs. Cobas Global PP | Templeton Global vs. JPMF Global Natural |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |