Correlation Between Grupo Elektra and Goldman Sachs
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By analyzing existing cross correlation between Grupo Elektra SAB and The Goldman Sachs, you can compare the effects of market volatilities on Grupo Elektra and Goldman Sachs 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 Grupo Elektra with a short position of Goldman Sachs. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Elektra and Goldman Sachs.
Diversification Opportunities for Grupo Elektra and Goldman Sachs
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Grupo and Goldman is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Elektra SAB and The Goldman Sachs in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goldman Sachs and Grupo Elektra 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 Grupo Elektra SAB are associated (or correlated) with Goldman Sachs. 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 has no effect on the direction of Grupo Elektra i.e., Grupo Elektra and Goldman Sachs go up and down completely randomly.
Pair Corralation between Grupo Elektra and Goldman Sachs
Assuming the 90 days trading horizon Grupo Elektra SAB is expected to under-perform the Goldman Sachs. In addition to that, Grupo Elektra is 2.59 times more volatile than The Goldman Sachs. It trades about -0.04 of its total potential returns per unit of risk. The Goldman Sachs is currently generating about 0.16 per unit of volatility. If you would invest 565,603 in The Goldman Sachs on September 14, 2024 and sell it today you would earn a total of 623,293 from holding The Goldman Sachs or generate 110.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grupo Elektra SAB vs. The Goldman Sachs
Performance |
| Timeline |
| Grupo Elektra SAB |
| Goldman Sachs |
Grupo Elektra and Goldman Sachs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Elektra and Goldman Sachs
The main advantage of trading using opposite Grupo Elektra and Goldman Sachs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Elektra position performs unexpectedly, Goldman Sachs 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 Sachs will offset losses from the drop in Goldman Sachs' long position.| Grupo Elektra vs. Samsung Electronics Co | Grupo Elektra vs. Sony Group | Grupo Elektra vs. Taiwan Semiconductor Manufacturing | Grupo Elektra vs. Alibaba Group Holding |
| Goldman Sachs vs. New Oriental Education | Goldman Sachs vs. Ameriprise Financial | Goldman Sachs vs. FibraHotel | Goldman Sachs vs. Grupo Hotelero Santa |
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 Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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