Correlation Between Griffon and Astrazeneca
Can any of the company-specific risk be diversified away by investing in both Griffon and Astrazeneca 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 Griffon and Astrazeneca into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Griffon and Astrazeneca Ab, you can compare the effects of market volatilities on Griffon and Astrazeneca 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 Griffon with a short position of Astrazeneca. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffon and Astrazeneca.
Diversification Opportunities for Griffon and Astrazeneca
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Griffon and Astrazeneca is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Griffon and Astrazeneca Ab in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Astrazeneca Ab and Griffon 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 Griffon are associated (or correlated) with Astrazeneca. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Astrazeneca Ab has no effect on the direction of Griffon i.e., Griffon and Astrazeneca go up and down completely randomly.
Pair Corralation between Griffon and Astrazeneca
If you would invest 6,980 in Griffon on September 12, 2024 and sell it today you would earn a total of 1,005 from holding Griffon or generate 14.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Griffon vs. Astrazeneca Ab
Performance |
| Timeline |
| Griffon |
| Astrazeneca Ab |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Griffon and Astrazeneca Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Griffon and Astrazeneca
The main advantage of trading using opposite Griffon and Astrazeneca positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffon position performs unexpectedly, Astrazeneca 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 Astrazeneca will offset losses from the drop in Astrazeneca's long position.| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
| Astrazeneca vs. CTS Corporation | Astrazeneca vs. Valens | Astrazeneca vs. IPG Photonics | Astrazeneca vs. Griffon |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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