Correlation Between Grande Hospitality and Impact Growth
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By analyzing existing cross correlation between Grande Hospitality Real and Impact Growth REIT, you can compare the effects of market volatilities on Grande Hospitality and Impact Growth 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 Impact Growth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grande Hospitality and Impact Growth.
Diversification Opportunities for Grande Hospitality and Impact Growth
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Grande and Impact is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Grande Hospitality Real and Impact Growth REIT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Impact Growth REIT 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 Impact Growth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Impact Growth REIT has no effect on the direction of Grande Hospitality i.e., Grande Hospitality and Impact Growth go up and down completely randomly.
Pair Corralation between Grande Hospitality and Impact Growth
Assuming the 90 days trading horizon Grande Hospitality Real is expected to generate 0.83 times more return on investment than Impact Growth. However, Grande Hospitality Real is 1.2 times less risky than Impact Growth. It trades about -0.02 of its potential returns per unit of risk. Impact Growth REIT is currently generating about -0.1 per unit of risk. If you would invest 655.00 in Grande Hospitality Real on September 1, 2024 and sell it today you would lose (5.00) from holding Grande Hospitality Real or give up 0.76% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Grande Hospitality Real vs. Impact Growth REIT
Performance |
| Timeline |
| Grande Hospitality Real |
| Impact Growth REIT |
Grande Hospitality and Impact Growth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grande Hospitality and Impact Growth
The main advantage of trading using opposite Grande Hospitality and Impact Growth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grande Hospitality position performs unexpectedly, Impact Growth 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 Impact Growth will offset losses from the drop in Impact Growth's long position.| Grande Hospitality vs. Warrix Sport PCL | Grande Hospitality vs. CHAOSUA FOODS INDUSTRY | Grande Hospitality vs. Food Moments PCL | Grande Hospitality vs. NSL Foods Public |
| Impact Growth vs. CPN Retail Growth | Impact Growth vs. WHA Premium Growth | Impact Growth vs. Golden Ventures Leasehold | Impact Growth vs. LH Shopping Centers |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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