Correlation Between Food Moments and Grande Hospitality
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By analyzing existing cross correlation between Food Moments PCL and Grande Hospitality Real, you can compare the effects of market volatilities on Food Moments and Grande Hospitality 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 Food Moments with a short position of Grande Hospitality. Check out your portfolio center. Please also check ongoing floating volatility patterns of Food Moments and Grande Hospitality.
Diversification Opportunities for Food Moments and Grande Hospitality
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Food and Grande is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Food Moments PCL and Grande Hospitality Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grande Hospitality Real and Food Moments 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 Food Moments PCL are associated (or correlated) with Grande Hospitality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grande Hospitality Real has no effect on the direction of Food Moments i.e., Food Moments and Grande Hospitality go up and down completely randomly.
Pair Corralation between Food Moments and Grande Hospitality
Assuming the 90 days horizon Food Moments PCL is expected to under-perform the Grande Hospitality. In addition to that, Food Moments is 1.68 times more volatile than Grande Hospitality Real. It trades about -0.18 of its total potential returns per unit of risk. Grande Hospitality Real is currently generating about -0.06 per unit of volatility. If you would invest 660.00 in Grande Hospitality Real on September 3, 2024 and sell it today you would lose (10.00) from holding Grande Hospitality Real or give up 1.52% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Food Moments PCL vs. Grande Hospitality Real
Performance |
| Timeline |
| Food Moments PCL |
| Grande Hospitality Real |
Food Moments and Grande Hospitality Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Food Moments and Grande Hospitality
The main advantage of trading using opposite Food Moments and Grande Hospitality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Food Moments position performs unexpectedly, Grande Hospitality 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 Grande Hospitality will offset losses from the drop in Grande Hospitality's long position.| Food Moments vs. Delta Electronics Public | Food Moments vs. Delta Electronics Public | Food Moments vs. Airports of Thailand | Food Moments vs. Airports of Thailand |
| Grande Hospitality vs. Ramkhamhaeng Hospital Public | Grande Hospitality vs. BPS TECHNOLOGY PUBLIC | Grande Hospitality vs. SAF Special Steel | Grande Hospitality vs. S Hotels and |
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.
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