Correlation Between Beston Global and Southern Cross
Can any of the company-specific risk be diversified away by investing in both Beston Global and Southern Cross 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 Beston Global and Southern Cross into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Beston Global Food and Southern Cross Media, you can compare the effects of market volatilities on Beston Global and Southern Cross 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 Beston Global with a short position of Southern Cross. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beston Global and Southern Cross.
Diversification Opportunities for Beston Global and Southern Cross
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Beston and Southern is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Beston Global Food and Southern Cross Media in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Southern Cross Media and Beston Global 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 Beston Global Food are associated (or correlated) with Southern Cross. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Southern Cross Media has no effect on the direction of Beston Global i.e., Beston Global and Southern Cross go up and down completely randomly.
Pair Corralation between Beston Global and Southern Cross
If you would invest 0.30 in Beston Global Food on November 2, 2024 and sell it today you would earn a total of 0.00 from holding Beston Global Food 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 |
Beston Global Food vs. Southern Cross Media
Performance |
| Timeline |
| Beston Global Food |
| Southern Cross Media |
Beston Global and Southern Cross Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beston Global and Southern Cross
The main advantage of trading using opposite Beston Global and Southern Cross positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beston Global position performs unexpectedly, Southern Cross 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 Southern Cross will offset losses from the drop in Southern Cross' long position.| Beston Global vs. Beam Communications Holdings | Beston Global vs. Queste Communications | Beston Global vs. Djerriwarrh Investments | Beston Global vs. Spirit Telecom |
| Southern Cross vs. Falcon Metals | Southern Cross vs. Perseus Mining | Southern Cross vs. DY6 Metals | Southern Cross vs. Clime Investment Management |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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