Correlation Between Grid Dynamics and Alithya
Can any of the company-specific risk be diversified away by investing in both Grid Dynamics and Alithya at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Grid Dynamics and Alithya into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Grid Dynamics Holdings and Alithya Group, you can compare the effects of market volatilities on Grid Dynamics and Alithya 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 Grid Dynamics with a short position of Alithya. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grid Dynamics and Alithya.
Diversification Opportunities for Grid Dynamics and Alithya
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Grid and Alithya is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Grid Dynamics Holdings and Alithya Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alithya Group and Grid Dynamics 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 Grid Dynamics Holdings are associated (or correlated) with Alithya. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alithya Group has no effect on the direction of Grid Dynamics i.e., Grid Dynamics and Alithya go up and down completely randomly.
Pair Corralation between Grid Dynamics and Alithya
If you would invest 1,604 in Grid Dynamics Holdings on August 28, 2024 and sell it today you would earn a total of 286.00 from holding Grid Dynamics Holdings or generate 17.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Grid Dynamics Holdings vs. Alithya Group
Performance |
| Timeline |
| Grid Dynamics Holdings |
| Alithya Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Grid Dynamics and Alithya Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grid Dynamics and Alithya
The main advantage of trading using opposite Grid Dynamics and Alithya positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grid Dynamics position performs unexpectedly, Alithya 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 Alithya will offset losses from the drop in Alithya's long position.| Grid Dynamics vs. ExlService Holdings | Grid Dynamics vs. ASGN Inc | Grid Dynamics vs. WNS Holdings | Grid Dynamics vs. Gartner |
| Alithya vs. Formula Systems 1985 | Alithya vs. CSP Inc | Alithya vs. Nayax | Alithya vs. Information Services Group |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Transaction History View history of all your transactions and understand their impact on performance |