Correlation Between Coursera and Greenland Technologies
Can any of the company-specific risk be diversified away by investing in both Coursera and Greenland Technologies 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 Coursera and Greenland Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Coursera and Greenland Technologies Holding, you can compare the effects of market volatilities on Coursera and Greenland Technologies 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 Coursera with a short position of Greenland Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coursera and Greenland Technologies.
Diversification Opportunities for Coursera and Greenland Technologies
-0.45 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Coursera and Greenland is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding Coursera and Greenland Technologies Holding in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greenland Technologies and Coursera 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 Coursera are associated (or correlated) with Greenland Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greenland Technologies has no effect on the direction of Coursera i.e., Coursera and Greenland Technologies go up and down completely randomly.
Pair Corralation between Coursera and Greenland Technologies
Given the investment horizon of 90 days Coursera is expected to under-perform the Greenland Technologies. But the stock apears to be less risky and, when comparing its historical volatility, Coursera is 15.3 times less risky than Greenland Technologies. The stock trades about 0.0 of its potential returns per unit of risk. The Greenland Technologies Holding is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 28.00 in Greenland Technologies Holding on September 12, 2024 and sell it today you would lose (22.80) from holding Greenland Technologies Holding or give up 81.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.24% |
| Values | Daily Returns |
Coursera vs. Greenland Technologies Holding
Performance |
| Timeline |
| Coursera |
| Greenland Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Coursera and Greenland Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coursera and Greenland Technologies
The main advantage of trading using opposite Coursera and Greenland Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coursera position performs unexpectedly, Greenland Technologies 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 Greenland Technologies will offset losses from the drop in Greenland Technologies' long position.| Coursera vs. Chegg Inc | Coursera vs. Skillsoft Corp | Coursera vs. Laureate Education | Coursera vs. Udemy Inc |
| Greenland Technologies vs. Radcom | Greenland Technologies vs. Waste Management | Greenland Technologies vs. National CineMedia | Greenland Technologies vs. Getty Images Holdings |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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