Correlation Between Grande Hospitality and Energy Absolute
Specify exactly 2 symbols:
By analyzing existing cross correlation between Grande Hospitality Real and Energy Absolute Public, you can compare the effects of market volatilities on Grande Hospitality and Energy Absolute 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 Energy Absolute. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grande Hospitality and Energy Absolute.
Diversification Opportunities for Grande Hospitality and Energy Absolute
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Grande and Energy is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Grande Hospitality Real and Energy Absolute Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Energy Absolute Public 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 Energy Absolute. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Energy Absolute Public has no effect on the direction of Grande Hospitality i.e., Grande Hospitality and Energy Absolute go up and down completely randomly.
Pair Corralation between Grande Hospitality and Energy Absolute
Assuming the 90 days trading horizon Grande Hospitality Real is expected to generate 0.31 times more return on investment than Energy Absolute. However, Grande Hospitality Real is 3.21 times less risky than Energy Absolute. It trades about 0.1 of its potential returns per unit of risk. Energy Absolute Public is currently generating about -0.42 per unit of risk. If you would invest 645.00 in Grande Hospitality Real on August 31, 2024 and sell it today you would earn a total of 15.00 from holding Grande Hospitality Real or generate 2.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grande Hospitality Real vs. Energy Absolute Public
Performance |
| Timeline |
| Grande Hospitality Real |
| Energy Absolute Public |
Grande Hospitality and Energy Absolute Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grande Hospitality and Energy Absolute
The main advantage of trading using opposite Grande Hospitality and Energy Absolute positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grande Hospitality position performs unexpectedly, Energy Absolute 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 Energy Absolute will offset losses from the drop in Energy Absolute's long position.| Grande Hospitality vs. LH Shopping Centers | Grande Hospitality vs. HEMARAJ INDUSTRIAL PROPERTY | Grande Hospitality vs. Land and Houses |
| Energy Absolute vs. Sawang Export Public | Energy Absolute vs. Quality Houses Hotel | Energy Absolute vs. Grande Hospitality Real | Energy Absolute vs. City Steel Public |
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.
Other Complementary Tools
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| 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 |