Correlation Between GWILLI FOOD and Apple
Can any of the company-specific risk be diversified away by investing in both GWILLI FOOD and Apple 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 GWILLI FOOD and Apple into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GWILLI FOOD and Apple Inc, you can compare the effects of market volatilities on GWILLI FOOD and Apple 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 GWILLI FOOD with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of GWILLI FOOD and Apple.
Diversification Opportunities for GWILLI FOOD and Apple
0.86 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between GWILLI and Apple is 0.86. Overlapping area represents the amount of risk that can be diversified away by holding GWILLI FOOD and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and GWILLI FOOD 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 GWILLI FOOD are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of GWILLI FOOD i.e., GWILLI FOOD and Apple go up and down completely randomly.
Pair Corralation between GWILLI FOOD and Apple
Assuming the 90 days trading horizon GWILLI FOOD is expected to generate 0.97 times more return on investment than Apple. However, GWILLI FOOD is 1.03 times less risky than Apple. It trades about -0.01 of its potential returns per unit of risk. Apple Inc is currently generating about -0.46 per unit of risk. If you would invest 1,550 in GWILLI FOOD on October 25, 2024 and sell it today you would lose (10.00) from holding GWILLI FOOD or give up 0.65% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
GWILLI FOOD vs. Apple Inc
Performance |
| Timeline |
| GWILLI FOOD |
| Apple Inc |
GWILLI FOOD and Apple Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GWILLI FOOD and Apple
The main advantage of trading using opposite GWILLI FOOD and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GWILLI FOOD position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple's long position.| GWILLI FOOD vs. Titan Machinery | GWILLI FOOD vs. Australian Agricultural | GWILLI FOOD vs. Penta Ocean Construction Co | GWILLI FOOD vs. Major Drilling Group |
| Apple vs. Dalata Hotel Group | Apple vs. INTERCONT HOTELS | Apple vs. Wyndham Hotels Resorts | Apple vs. Chiba Bank |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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. | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |