Correlation Between GLG LIFE and QUEEN S
Can any of the company-specific risk be diversified away by investing in both GLG LIFE and QUEEN S 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 GLG LIFE and QUEEN S into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GLG LIFE TECH and QUEEN S ROAD, you can compare the effects of market volatilities on GLG LIFE and QUEEN S 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 GLG LIFE with a short position of QUEEN S. Check out your portfolio center. Please also check ongoing floating volatility patterns of GLG LIFE and QUEEN S.
Diversification Opportunities for GLG LIFE and QUEEN S
Pay attention - limited upside
The 3 months correlation between GLG and QUEEN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GLG LIFE TECH and QUEEN S ROAD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on QUEEN S ROAD and GLG LIFE 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 GLG LIFE TECH are associated (or correlated) with QUEEN S. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of QUEEN S ROAD has no effect on the direction of GLG LIFE i.e., GLG LIFE and QUEEN S go up and down completely randomly.
Pair Corralation between GLG LIFE and QUEEN S
If you would invest 2.00 in GLG LIFE TECH on October 16, 2024 and sell it today you would earn a total of 0.00 from holding GLG LIFE TECH 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 |
GLG LIFE TECH vs. QUEEN S ROAD
Performance |
| Timeline |
| GLG LIFE TECH |
| QUEEN S ROAD |
GLG LIFE and QUEEN S Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GLG LIFE and QUEEN S
The main advantage of trading using opposite GLG LIFE and QUEEN S positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GLG LIFE position performs unexpectedly, QUEEN S 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 QUEEN S will offset losses from the drop in QUEEN S's long position.| GLG LIFE vs. STRAYER EDUCATION | GLG LIFE vs. EMBARK EDUCATION LTD | GLG LIFE vs. AGF Management Limited | GLG LIFE vs. DEVRY EDUCATION GRP |
| QUEEN S vs. ORMAT TECHNOLOGIES | QUEEN S vs. ASPEN TECHINC DL | QUEEN S vs. ON SEMICONDUCTOR | QUEEN S vs. Tower Semiconductor |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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