Correlation Between Grande Hospitality and Workpoint Entertainment
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By analyzing existing cross correlation between Grande Hospitality Real and Workpoint Entertainment Public, you can compare the effects of market volatilities on Grande Hospitality and Workpoint Entertainment 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 Workpoint Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grande Hospitality and Workpoint Entertainment.
Diversification Opportunities for Grande Hospitality and Workpoint Entertainment
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Grande and Workpoint is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Grande Hospitality Real and Workpoint Entertainment Public in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Workpoint Entertainment 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 Workpoint Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Workpoint Entertainment has no effect on the direction of Grande Hospitality i.e., Grande Hospitality and Workpoint Entertainment go up and down completely randomly.
Pair Corralation between Grande Hospitality and Workpoint Entertainment
Assuming the 90 days trading horizon Grande Hospitality is expected to generate 1.7 times less return on investment than Workpoint Entertainment. But when comparing it to its historical volatility, Grande Hospitality Real is 1.69 times less risky than Workpoint Entertainment. It trades about 0.11 of its potential returns per unit of risk. Workpoint Entertainment Public is currently generating about 0.11 of returns per unit of risk over similar time horizon. If you would invest 565.00 in Workpoint Entertainment Public on November 30, 2024 and sell it today you would earn a total of 20.00 from holding Workpoint Entertainment Public or generate 3.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Grande Hospitality Real vs. Workpoint Entertainment Public
Performance |
| Timeline |
| Grande Hospitality Real |
| Workpoint Entertainment |
Grande Hospitality and Workpoint Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grande Hospitality and Workpoint Entertainment
The main advantage of trading using opposite Grande Hospitality and Workpoint Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grande Hospitality position performs unexpectedly, Workpoint Entertainment 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 Workpoint Entertainment will offset losses from the drop in Workpoint Entertainment's long position.| Grande Hospitality vs. CIMB Thai Bank | ||
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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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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