Correlation Between Eat Beyond and GOLDMAN
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By analyzing existing cross correlation between Eat Beyond Global and GOLDMAN SACHS GROUP, you can compare the effects of market volatilities on Eat Beyond and GOLDMAN 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 Eat Beyond with a short position of GOLDMAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eat Beyond and GOLDMAN.
Diversification Opportunities for Eat Beyond and GOLDMAN
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Eat and GOLDMAN is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Eat Beyond Global and GOLDMAN SACHS GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GOLDMAN SACHS GROUP and Eat Beyond 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 Eat Beyond Global are associated (or correlated) with GOLDMAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GOLDMAN SACHS GROUP has no effect on the direction of Eat Beyond i.e., Eat Beyond and GOLDMAN go up and down completely randomly.
Pair Corralation between Eat Beyond and GOLDMAN
Assuming the 90 days horizon Eat Beyond Global is expected to generate 51.09 times more return on investment than GOLDMAN. However, Eat Beyond is 51.09 times more volatile than GOLDMAN SACHS GROUP. It trades about 0.08 of its potential returns per unit of risk. GOLDMAN SACHS GROUP is currently generating about 0.01 per unit of risk. If you would invest 4.30 in Eat Beyond Global on August 25, 2024 and sell it today you would lose (0.50) from holding Eat Beyond Global or give up 11.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.7% |
| Values | Daily Returns |
Eat Beyond Global vs. GOLDMAN SACHS GROUP
Performance |
| Timeline |
| Eat Beyond Global |
| GOLDMAN SACHS GROUP |
Eat Beyond and GOLDMAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eat Beyond and GOLDMAN
The main advantage of trading using opposite Eat Beyond and GOLDMAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eat Beyond position performs unexpectedly, GOLDMAN 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 GOLDMAN will offset losses from the drop in GOLDMAN's long position.| Eat Beyond vs. Elysee Development Corp | Eat Beyond vs. Azimut Holding SpA | Eat Beyond vs. Ameritrans Capital Corp | Eat Beyond vs. Aimia Inc |
| GOLDMAN vs. AEP TEX INC | GOLDMAN vs. US BANK NATIONAL | GOLDMAN vs. Eat Beyond Global | GOLDMAN vs. Charles Schwab Corp |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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