Correlation Between GREENX METALS and Koninklijke Ahold
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By analyzing existing cross correlation between GREENX METALS LTD and Koninklijke Ahold Delhaize, you can compare the effects of market volatilities on GREENX METALS and Koninklijke Ahold 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 GREENX METALS with a short position of Koninklijke Ahold. Check out your portfolio center. Please also check ongoing floating volatility patterns of GREENX METALS and Koninklijke Ahold.
Diversification Opportunities for GREENX METALS and Koninklijke Ahold
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GREENX and Koninklijke is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding GREENX METALS LTD and Koninklijke Ahold Delhaize in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Koninklijke Ahold and GREENX METALS 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 GREENX METALS LTD are associated (or correlated) with Koninklijke Ahold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Koninklijke Ahold has no effect on the direction of GREENX METALS i.e., GREENX METALS and Koninklijke Ahold go up and down completely randomly.
Pair Corralation between GREENX METALS and Koninklijke Ahold
Assuming the 90 days trading horizon GREENX METALS LTD is expected to generate 3.06 times more return on investment than Koninklijke Ahold. However, GREENX METALS is 3.06 times more volatile than Koninklijke Ahold Delhaize. It trades about 0.03 of its potential returns per unit of risk. Koninklijke Ahold Delhaize is currently generating about 0.03 per unit of risk. If you would invest 35.00 in GREENX METALS LTD on September 1, 2024 and sell it today you would earn a total of 6.00 from holding GREENX METALS LTD or generate 17.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
GREENX METALS LTD vs. Koninklijke Ahold Delhaize
Performance |
| Timeline |
| GREENX METALS LTD |
| Koninklijke Ahold |
GREENX METALS and Koninklijke Ahold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GREENX METALS and Koninklijke Ahold
The main advantage of trading using opposite GREENX METALS and Koninklijke Ahold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GREENX METALS position performs unexpectedly, Koninklijke Ahold 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 Koninklijke Ahold will offset losses from the drop in Koninklijke Ahold's long position.| GREENX METALS vs. Superior Plus Corp | GREENX METALS vs. NMI Holdings | GREENX METALS vs. Origin Agritech | GREENX METALS vs. SIVERS SEMICONDUCTORS AB |
| Koninklijke Ahold vs. GREENX METALS LTD | Koninklijke Ahold vs. AIR PRODCHEMICALS | Koninklijke Ahold vs. BLUESCOPE STEEL | Koninklijke Ahold vs. Lion One Metals |
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.
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