Correlation Between Grande Hospitality and City Sports
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By analyzing existing cross correlation between Grande Hospitality Real and City Sports and, you can compare the effects of market volatilities on Grande Hospitality and City Sports 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 Grande Hospitality with a short position of City Sports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grande Hospitality and City Sports.
Diversification Opportunities for Grande Hospitality and City Sports
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Grande and City is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Grande Hospitality Real and City Sports and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on City Sports and Grande Hospitality 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 Grande Hospitality Real are associated (or correlated) with City Sports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of City Sports has no effect on the direction of Grande Hospitality i.e., Grande Hospitality and City Sports go up and down completely randomly.
Pair Corralation between Grande Hospitality and City Sports
Assuming the 90 days trading horizon Grande Hospitality is expected to generate 34.72 times less return on investment than City Sports. In addition to that, Grande Hospitality is 3.0 times more volatile than City Sports and. It trades about 0.01 of its total potential returns per unit of risk. City Sports and is currently generating about 0.59 per unit of volatility. If you would invest 8,100 in City Sports and on September 5, 2024 and sell it today you would earn a total of 450.00 from holding City Sports and or generate 5.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Grande Hospitality Real vs. City Sports and
Performance |
| Timeline |
| Grande Hospitality Real |
| City Sports |
Grande Hospitality and City Sports Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grande Hospitality and City Sports
The main advantage of trading using opposite Grande Hospitality and City Sports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grande Hospitality position performs unexpectedly, City Sports 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 City Sports will offset losses from the drop in City Sports' long position.| Grande Hospitality vs. City Sports and | Grande Hospitality vs. Earth Tech Environment | Grande Hospitality vs. City Steel Public | Grande Hospitality vs. G J Steel |
| City Sports vs. Central Pattana Public | City Sports vs. CP ALL Public | City Sports vs. Bangkok Dusit Medical | City Sports vs. Airports of Thailand |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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