Correlation Between Washington Mutual and GRG Banking
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By analyzing existing cross correlation between Washington Mutual Investors and GRG Banking Equipment, you can compare the effects of market volatilities on Washington Mutual and GRG Banking 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 Washington Mutual with a short position of GRG Banking. Check out your portfolio center. Please also check ongoing floating volatility patterns of Washington Mutual and GRG Banking.
Diversification Opportunities for Washington Mutual and GRG Banking
0.57 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Washington and GRG is 0.57. Overlapping area represents the amount of risk that can be diversified away by holding Washington Mutual Investors and GRG Banking Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRG Banking Equipment and Washington Mutual 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 Washington Mutual Investors are associated (or correlated) with GRG Banking. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRG Banking Equipment has no effect on the direction of Washington Mutual i.e., Washington Mutual and GRG Banking go up and down completely randomly.
Pair Corralation between Washington Mutual and GRG Banking
Assuming the 90 days horizon Washington Mutual Investors is expected to generate 0.41 times more return on investment than GRG Banking. However, Washington Mutual Investors is 2.45 times less risky than GRG Banking. It trades about 0.29 of its potential returns per unit of risk. GRG Banking Equipment is currently generating about -0.02 per unit of risk. If you would invest 6,150 in Washington Mutual Investors on November 3, 2024 and sell it today you would earn a total of 251.00 from holding Washington Mutual Investors or generate 4.08% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Washington Mutual Investors vs. GRG Banking Equipment
Performance |
| Timeline |
| Washington Mutual |
| GRG Banking Equipment |
Washington Mutual and GRG Banking Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Washington Mutual and GRG Banking
The main advantage of trading using opposite Washington Mutual and GRG Banking positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Washington Mutual position performs unexpectedly, GRG Banking 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 GRG Banking will offset losses from the drop in GRG Banking's long position.| Washington Mutual vs. Neuberger Berman Real | Washington Mutual vs. Dunham Real Estate | Washington Mutual vs. Real Estate Ultrasector | Washington Mutual vs. Texton Property |
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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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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