Correlation Between Griffon and 26884ABH5
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By analyzing existing cross correlation between Griffon and ERP OPER LTD, you can compare the effects of market volatilities on Griffon and 26884ABH5 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 26884ABH5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffon and 26884ABH5.
Diversification Opportunities for Griffon and 26884ABH5
Good diversification
The 3 months correlation between Griffon and 26884ABH5 is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Griffon and ERP OPER LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ERP OPER LTD 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 26884ABH5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ERP OPER LTD has no effect on the direction of Griffon i.e., Griffon and 26884ABH5 go up and down completely randomly.
Pair Corralation between Griffon and 26884ABH5
Considering the 90-day investment horizon Griffon is expected to generate 86.39 times less return on investment than 26884ABH5. But when comparing it to its historical volatility, Griffon is 57.28 times less risky than 26884ABH5. It trades about 0.09 of its potential returns per unit of risk. ERP OPER LTD is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 8,270 in ERP OPER LTD on September 3, 2024 and sell it today you would lose (154.00) from holding ERP OPER LTD or give up 1.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 28.69% |
| Values | Daily Returns |
Griffon vs. ERP OPER LTD
Performance |
| Timeline |
| Griffon |
| ERP OPER LTD |
Griffon and 26884ABH5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Griffon and 26884ABH5
The main advantage of trading using opposite Griffon and 26884ABH5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffon position performs unexpectedly, 26884ABH5 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 26884ABH5 will offset losses from the drop in 26884ABH5's long position.| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
| 26884ABH5 vs. BBB Foods | 26884ABH5 vs. Albertsons Companies | 26884ABH5 vs. Tyson Foods | 26884ABH5 vs. Sligro Food 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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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