Correlation Between Fill Up and Gaztransport Technigaz
Can any of the company-specific risk be diversified away by investing in both Fill Up and Gaztransport Technigaz 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 Fill Up and Gaztransport Technigaz into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fill Up Media and Gaztransport Technigaz SAS, you can compare the effects of market volatilities on Fill Up and Gaztransport Technigaz 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 Fill Up with a short position of Gaztransport Technigaz. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fill Up and Gaztransport Technigaz.
Diversification Opportunities for Fill Up and Gaztransport Technigaz
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Fill and Gaztransport is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding Fill Up Media and Gaztransport Technigaz SAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gaztransport Technigaz and Fill Up 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 Fill Up Media are associated (or correlated) with Gaztransport Technigaz. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gaztransport Technigaz has no effect on the direction of Fill Up i.e., Fill Up and Gaztransport Technigaz go up and down completely randomly.
Pair Corralation between Fill Up and Gaztransport Technigaz
Assuming the 90 days trading horizon Fill Up Media is expected to generate 1.72 times more return on investment than Gaztransport Technigaz. However, Fill Up is 1.72 times more volatile than Gaztransport Technigaz SAS. It trades about 0.16 of its potential returns per unit of risk. Gaztransport Technigaz SAS is currently generating about 0.07 per unit of risk. If you would invest 555.00 in Fill Up Media on August 30, 2024 and sell it today you would earn a total of 35.00 from holding Fill Up Media or generate 6.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Fill Up Media vs. Gaztransport Technigaz SAS
Performance |
| Timeline |
| Fill Up Media |
| Gaztransport Technigaz |
Fill Up and Gaztransport Technigaz Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fill Up and Gaztransport Technigaz
The main advantage of trading using opposite Fill Up and Gaztransport Technigaz positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fill Up position performs unexpectedly, Gaztransport Technigaz 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 Gaztransport Technigaz will offset losses from the drop in Gaztransport Technigaz's long position.| Fill Up vs. Grolleau SAS | Fill Up vs. Hydrogene De France | Fill Up vs. Trigano SA | Fill Up vs. Manitou BF SA |
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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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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