Correlation Between COSMO FIRST and Procter Gamble
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By analyzing existing cross correlation between COSMO FIRST LIMITED and Procter Gamble Health, you can compare the effects of market volatilities on COSMO FIRST and Procter Gamble 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 COSMO FIRST with a short position of Procter Gamble. Check out your portfolio center. Please also check ongoing floating volatility patterns of COSMO FIRST and Procter Gamble.
Diversification Opportunities for COSMO FIRST and Procter Gamble
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between COSMO and Procter is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding COSMO FIRST LIMITED and Procter Gamble Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Procter Gamble Health and COSMO FIRST 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 COSMO FIRST LIMITED are associated (or correlated) with Procter Gamble. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Procter Gamble Health has no effect on the direction of COSMO FIRST i.e., COSMO FIRST and Procter Gamble go up and down completely randomly.
Pair Corralation between COSMO FIRST and Procter Gamble
Assuming the 90 days trading horizon COSMO FIRST is expected to generate 7.6 times less return on investment than Procter Gamble. In addition to that, COSMO FIRST is 1.61 times more volatile than Procter Gamble Health. It trades about 0.0 of its total potential returns per unit of risk. Procter Gamble Health is currently generating about 0.04 per unit of volatility. If you would invest 388,947 in Procter Gamble Health on August 26, 2024 and sell it today you would earn a total of 120,533 from holding Procter Gamble Health or generate 30.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
COSMO FIRST LIMITED vs. Procter Gamble Health
Performance |
| Timeline |
| COSMO FIRST LIMITED |
| Procter Gamble Health |
COSMO FIRST and Procter Gamble Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with COSMO FIRST and Procter Gamble
The main advantage of trading using opposite COSMO FIRST and Procter Gamble positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if COSMO FIRST position performs unexpectedly, Procter Gamble 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 Procter Gamble will offset losses from the drop in Procter Gamble's long position.| COSMO FIRST vs. ADF Foods Limited | COSMO FIRST vs. Dodla Dairy Limited | COSMO FIRST vs. Datamatics Global Services | COSMO FIRST vs. R S Software |
| Procter Gamble vs. Kingfa Science Technology | Procter Gamble vs. Rico Auto Industries | Procter Gamble vs. GACM Technologies Limited | Procter Gamble vs. COSMO FIRST LIMITED |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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