Correlation Between Griffon and INTEL
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By analyzing existing cross correlation between Griffon and INTEL P 48, you can compare the effects of market volatilities on Griffon and INTEL 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 INTEL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffon and INTEL.
Diversification Opportunities for Griffon and INTEL
Weak diversification
The 3 months correlation between Griffon and INTEL is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Griffon and INTEL P 48 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on INTEL P 48 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 INTEL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of INTEL P 48 has no effect on the direction of Griffon i.e., Griffon and INTEL go up and down completely randomly.
Pair Corralation between Griffon and INTEL
Considering the 90-day investment horizon Griffon is expected to generate 1.7 times more return on investment than INTEL. However, Griffon is 1.7 times more volatile than INTEL P 48. It trades about 0.12 of its potential returns per unit of risk. INTEL P 48 is currently generating about 0.06 per unit of risk. If you would invest 6,857 in Griffon on September 13, 2024 and sell it today you would earn a total of 1,082 from holding Griffon or generate 15.77% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 76.74% |
| Values | Daily Returns |
Griffon vs. INTEL P 48
Performance |
| Timeline |
| Griffon |
| INTEL P 48 |
Griffon and INTEL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Griffon and INTEL
The main advantage of trading using opposite Griffon and INTEL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffon position performs unexpectedly, INTEL 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 INTEL will offset losses from the drop in INTEL's long position.| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
| INTEL vs. AEP TEX INC | INTEL vs. US BANK NATIONAL | INTEL vs. Applied Blockchain | INTEL vs. BigBearai 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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