Correlation Between Hugo Boss and Griffon
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By analyzing existing cross correlation between Hugo Boss AG and Griffon, you can compare the effects of market volatilities on Hugo Boss and Griffon 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 Hugo Boss with a short position of Griffon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hugo Boss and Griffon.
Diversification Opportunities for Hugo Boss and Griffon
Very good diversification
The 3 months correlation between Hugo and Griffon is -0.43. Overlapping area represents the amount of risk that can be diversified away by holding Hugo Boss AG and Griffon in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Griffon and Hugo Boss 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 Hugo Boss AG are associated (or correlated) with Griffon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Griffon has no effect on the direction of Hugo Boss i.e., Hugo Boss and Griffon go up and down completely randomly.
Pair Corralation between Hugo Boss and Griffon
Assuming the 90 days trading horizon Hugo Boss is expected to generate 5.69 times less return on investment than Griffon. In addition to that, Hugo Boss is 2.02 times more volatile than Griffon. It trades about 0.02 of its total potential returns per unit of risk. Griffon is currently generating about 0.2 per unit of volatility. If you would invest 6,834 in Griffon on September 19, 2024 and sell it today you would earn a total of 616.00 from holding Griffon or generate 9.01% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hugo Boss AG vs. Griffon
Performance |
| Timeline |
| Hugo Boss AG |
| Griffon |
Hugo Boss and Griffon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hugo Boss and Griffon
The main advantage of trading using opposite Hugo Boss and Griffon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hugo Boss position performs unexpectedly, Griffon 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 Griffon will offset losses from the drop in Griffon's long position.| Hugo Boss vs. Superior Plus Corp | Hugo Boss vs. SIVERS SEMICONDUCTORS AB | Hugo Boss vs. Norsk Hydro ASA | Hugo Boss vs. Reliance Steel Aluminum |
| Griffon vs. 24SEVENOFFICE GROUP AB | Griffon vs. Seven West Media | Griffon vs. MEDICAL FACILITIES NEW | Griffon vs. Flutter Entertainment PLC |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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