Correlation Between Aerodrome and Glassbox
Can any of the company-specific risk be diversified away by investing in both Aerodrome and Glassbox 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 Aerodrome and Glassbox into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aerodrome Group and Glassbox, you can compare the effects of market volatilities on Aerodrome and Glassbox 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 Aerodrome with a short position of Glassbox. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aerodrome and Glassbox.
Diversification Opportunities for Aerodrome and Glassbox
Very good diversification
The 3 months correlation between Aerodrome and Glassbox is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Aerodrome Group and Glassbox in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glassbox and Aerodrome 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 Aerodrome Group are associated (or correlated) with Glassbox. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glassbox has no effect on the direction of Aerodrome i.e., Aerodrome and Glassbox go up and down completely randomly.
Pair Corralation between Aerodrome and Glassbox
If you would invest 405,900 in Glassbox on September 4, 2024 and sell it today you would earn a total of 0.00 from holding Glassbox or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 11.11% |
| Values | Daily Returns |
Aerodrome Group vs. Glassbox
Performance |
| Timeline |
| Aerodrome Group |
| Glassbox |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Aerodrome and Glassbox Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aerodrome and Glassbox
The main advantage of trading using opposite Aerodrome and Glassbox positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aerodrome position performs unexpectedly, Glassbox 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 Glassbox will offset losses from the drop in Glassbox's long position.| Aerodrome vs. Libra Insurance | Aerodrome vs. Ilex Medical | Aerodrome vs. Clal Biotechnology Industries | Aerodrome vs. Computer Direct |
| Glassbox vs. Nice | Glassbox vs. The Gold Bond | Glassbox vs. Bank Leumi Le Israel | Glassbox vs. ICL Israel Chemicals |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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