Correlation Between Griffon and Future Mobility
Can any of the company-specific risk be diversified away by investing in both Griffon and Future Mobility 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 Future Mobility into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Griffon and Future Mobility Solutions, you can compare the effects of market volatilities on Griffon and Future Mobility 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 Future Mobility. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffon and Future Mobility.
Diversification Opportunities for Griffon and Future Mobility
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Griffon and Future is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Griffon and Future Mobility Solutions in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Future Mobility Solutions 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 Future Mobility. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Future Mobility Solutions has no effect on the direction of Griffon i.e., Griffon and Future Mobility go up and down completely randomly.
Pair Corralation between Griffon and Future Mobility
If you would invest 6,752 in Griffon on September 1, 2024 and sell it today you would earn a total of 1,678 from holding Griffon or generate 24.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Griffon vs. Future Mobility Solutions
Performance |
| Timeline |
| Griffon |
| Future Mobility Solutions |
Griffon and Future Mobility Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Griffon and Future Mobility
The main advantage of trading using opposite Griffon and Future Mobility positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffon position performs unexpectedly, Future Mobility 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 Future Mobility will offset losses from the drop in Future Mobility's long position.| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
| Future Mobility vs. Curtiss Motorcycles | Future Mobility vs. Life Electric Vehicles | Future Mobility vs. EZGO Technologies | Future Mobility vs. Marine Products |
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 Portfolio Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |