Correlation Between Griffon and BOEING
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By analyzing existing cross correlation between Griffon and BOEING CO, you can compare the effects of market volatilities on Griffon and BOEING 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 BOEING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffon and BOEING.
Diversification Opportunities for Griffon and BOEING
Good diversification
The 3 months correlation between Griffon and BOEING is -0.19. Overlapping area represents the amount of risk that can be diversified away by holding Griffon and BOEING CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOEING CO 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 BOEING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOEING CO has no effect on the direction of Griffon i.e., Griffon and BOEING go up and down completely randomly.
Pair Corralation between Griffon and BOEING
Considering the 90-day investment horizon Griffon is expected to generate 4.31 times more return on investment than BOEING. However, Griffon is 4.31 times more volatile than BOEING CO. It trades about 0.29 of its potential returns per unit of risk. BOEING CO is currently generating about 0.08 per unit of risk. If you would invest 6,422 in Griffon on August 29, 2024 and sell it today you would earn a total of 2,015 from holding Griffon or generate 31.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Griffon vs. BOEING CO
Performance |
| Timeline |
| Griffon |
| BOEING CO |
Griffon and BOEING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Griffon and BOEING
The main advantage of trading using opposite Griffon and BOEING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffon position performs unexpectedly, BOEING 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 BOEING will offset losses from the drop in BOEING's long position.| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
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 Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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