Correlation Between CREO MEDICAL and Gol Intelligent
Can any of the company-specific risk be diversified away by investing in both CREO MEDICAL and Gol Intelligent 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 CREO MEDICAL and Gol Intelligent into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CREO MEDICAL GRP and Gol Intelligent Airlines, you can compare the effects of market volatilities on CREO MEDICAL and Gol Intelligent 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 CREO MEDICAL with a short position of Gol Intelligent. Check out your portfolio center. Please also check ongoing floating volatility patterns of CREO MEDICAL and Gol Intelligent.
Diversification Opportunities for CREO MEDICAL and Gol Intelligent
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CREO and Gol is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CREO MEDICAL GRP and Gol Intelligent Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gol Intelligent Airlines and CREO MEDICAL 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 CREO MEDICAL GRP are associated (or correlated) with Gol Intelligent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gol Intelligent Airlines has no effect on the direction of CREO MEDICAL i.e., CREO MEDICAL and Gol Intelligent go up and down completely randomly.
Pair Corralation between CREO MEDICAL and Gol Intelligent
If you would invest 42.00 in Gol Intelligent Airlines on November 2, 2024 and sell it today you would earn a total of 0.00 from holding Gol Intelligent Airlines 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 |
CREO MEDICAL GRP vs. Gol Intelligent Airlines
Performance |
| Timeline |
| CREO MEDICAL GRP |
| Gol Intelligent Airlines |
CREO MEDICAL and Gol Intelligent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CREO MEDICAL and Gol Intelligent
The main advantage of trading using opposite CREO MEDICAL and Gol Intelligent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CREO MEDICAL position performs unexpectedly, Gol Intelligent 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 Gol Intelligent will offset losses from the drop in Gol Intelligent's long position.| CREO MEDICAL vs. THAI BEVERAGE | CREO MEDICAL vs. PURE FOODS TASMANIA | CREO MEDICAL vs. Japan Tobacco | CREO MEDICAL vs. Charter Communications |
| Gol Intelligent vs. ADDUS HOMECARE | Gol Intelligent vs. Choice Hotels International | Gol Intelligent vs. InterContinental Hotels Group | Gol Intelligent vs. Haier Smart Home |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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