Correlation Between Carrefour and Casino Guichard
Can any of the company-specific risk be diversified away by investing in both Carrefour and Casino Guichard 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 Carrefour and Casino Guichard into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Carrefour SA and Casino Guichard Perrachon Socit, you can compare the effects of market volatilities on Carrefour and Casino Guichard 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 Carrefour with a short position of Casino Guichard. Check out your portfolio center. Please also check ongoing floating volatility patterns of Carrefour and Casino Guichard.
Diversification Opportunities for Carrefour and Casino Guichard
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Carrefour and Casino is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Carrefour SA and Casino Guichard Perrachon Soci in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Casino Guichard Perr and Carrefour 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 Carrefour SA are associated (or correlated) with Casino Guichard. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Casino Guichard Perr has no effect on the direction of Carrefour i.e., Carrefour and Casino Guichard go up and down completely randomly.
Pair Corralation between Carrefour and Casino Guichard
If you would invest 1,362 in Carrefour SA on October 24, 2024 and sell it today you would earn a total of 57.00 from holding Carrefour SA or generate 4.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Carrefour SA vs. Casino Guichard Perrachon Soci
Performance |
| Timeline |
| Carrefour SA |
| Casino Guichard Perr |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Carrefour and Casino Guichard Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Carrefour and Casino Guichard
The main advantage of trading using opposite Carrefour and Casino Guichard positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Carrefour position performs unexpectedly, Casino Guichard 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 Casino Guichard will offset losses from the drop in Casino Guichard's long position.| Carrefour vs. J Sainsbury plc | Carrefour vs. Om Holdings International | Carrefour vs. Carrefour SA PK | Carrefour vs. Kesko Oyj ADR |
| Casino Guichard vs. Carrefour SA | Casino Guichard vs. J Sainsbury plc | Casino Guichard vs. Om Holdings International | Casino Guichard vs. Carrefour SA PK |
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.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |