Correlation Between Baillie Gifford and Great Lakes
Can any of the company-specific risk be diversified away by investing in both Baillie Gifford and Great Lakes 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 Baillie Gifford and Great Lakes into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Baillie Gifford Health and Great Lakes Large, you can compare the effects of market volatilities on Baillie Gifford and Great Lakes 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 Baillie Gifford with a short position of Great Lakes. Check out your portfolio center. Please also check ongoing floating volatility patterns of Baillie Gifford and Great Lakes.
Diversification Opportunities for Baillie Gifford and Great Lakes
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Baillie and Great is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Baillie Gifford Health and Great Lakes Large in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Great Lakes Large and Baillie Gifford 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 Baillie Gifford Health are associated (or correlated) with Great Lakes. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Great Lakes Large has no effect on the direction of Baillie Gifford i.e., Baillie Gifford and Great Lakes go up and down completely randomly.
Pair Corralation between Baillie Gifford and Great Lakes
If you would invest 1,307 in Great Lakes Large on September 14, 2024 and sell it today you would earn a total of 0.00 from holding Great Lakes Large or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.66% |
| Values | Daily Returns |
Baillie Gifford Health vs. Great Lakes Large
Performance |
| Timeline |
| Baillie Gifford Health |
| Great Lakes Large |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Baillie Gifford and Great Lakes Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Baillie Gifford and Great Lakes
The main advantage of trading using opposite Baillie Gifford and Great Lakes positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Baillie Gifford position performs unexpectedly, Great Lakes 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 Great Lakes will offset losses from the drop in Great Lakes' long position.| Baillie Gifford vs. Ab Select Equity | Baillie Gifford vs. Ab Fixed Income Shares | Baillie Gifford vs. Cutler Equity | Baillie Gifford vs. Us Strategic Equity |
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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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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