Correlation Between Cullen International and Global Gold
Can any of the company-specific risk be diversified away by investing in both Cullen International and Global Gold 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 Cullen International and Global Gold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cullen International High and Global Gold Fund, you can compare the effects of market volatilities on Cullen International and Global Gold 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 Cullen International with a short position of Global Gold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cullen International and Global Gold.
Diversification Opportunities for Cullen International and Global Gold
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cullen and Global is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cullen International High and Global Gold Fund in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Gold Fund and Cullen International 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 Cullen International High are associated (or correlated) with Global Gold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Gold Fund has no effect on the direction of Cullen International i.e., Cullen International and Global Gold go up and down completely randomly.
Pair Corralation between Cullen International and Global Gold
If you would invest (100.00) in Cullen International High on September 12, 2024 and sell it today you would earn a total of 100.00 from holding Cullen International High or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Cullen International High vs. Global Gold Fund
Performance |
| Timeline |
| Cullen International High |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Global Gold Fund |
Cullen International and Global Gold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cullen International and Global Gold
The main advantage of trading using opposite Cullen International and Global Gold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cullen International position performs unexpectedly, Global Gold 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 Global Gold will offset losses from the drop in Global Gold's long position.| Cullen International vs. Old Westbury Large | Cullen International vs. Fisher Large Cap | Cullen International vs. Qs Large Cap | Cullen International vs. T Rowe Price |
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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