Correlation Between DICKER DATA and Gol Intelligent
Can any of the company-specific risk be diversified away by investing in both DICKER DATA and Gol Intelligent 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 DICKER DATA and Gol Intelligent into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between DICKER DATA LTD and Gol Intelligent Airlines, you can compare the effects of market volatilities on DICKER DATA and Gol Intelligent 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 DICKER DATA with a short position of Gol Intelligent. Check out your portfolio center. Please also check ongoing floating volatility patterns of DICKER DATA and Gol Intelligent.
Diversification Opportunities for DICKER DATA and Gol Intelligent
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between DICKER and Gol is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding DICKER DATA LTD and Gol Intelligent Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gol Intelligent Airlines and DICKER DATA 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 DICKER DATA LTD are associated (or correlated) with Gol Intelligent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gol Intelligent Airlines has no effect on the direction of DICKER DATA i.e., DICKER DATA and Gol Intelligent go up and down completely randomly.
Pair Corralation between DICKER DATA and Gol Intelligent
Assuming the 90 days horizon DICKER DATA LTD is expected to generate 0.32 times more return on investment than Gol Intelligent. However, DICKER DATA LTD is 3.09 times less risky than Gol Intelligent. It trades about 0.0 of its potential returns per unit of risk. Gol Intelligent Airlines is currently generating about 0.0 per unit of risk. If you would invest 566.00 in DICKER DATA LTD on September 3, 2024 and sell it today you would lose (56.00) from holding DICKER DATA LTD or give up 9.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
DICKER DATA LTD vs. Gol Intelligent Airlines
Performance |
| Timeline |
| DICKER DATA LTD |
| Gol Intelligent Airlines |
DICKER DATA and Gol Intelligent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with DICKER DATA and Gol Intelligent
The main advantage of trading using opposite DICKER DATA and Gol Intelligent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if DICKER DATA position performs unexpectedly, Gol Intelligent 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 Gol Intelligent will offset losses from the drop in Gol Intelligent's long position.| DICKER DATA vs. Arrow Electronics | DICKER DATA vs. KAGA EL LTD | DICKER DATA vs. Wayside Technology Group | DICKER DATA vs. INNELEC MULTIMMINHEO153 |
| Gol Intelligent vs. Apple Inc | Gol Intelligent vs. Apple Inc | Gol Intelligent vs. Apple Inc | Gol Intelligent vs. Apple Inc |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Bonds Directory Find actively traded corporate debentures issued by US companies |