Correlation Between Griffon and 466313AM5
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By analyzing existing cross correlation between Griffon and JBL 425 15 MAY 27, you can compare the effects of market volatilities on Griffon and 466313AM5 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 466313AM5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffon and 466313AM5.
Diversification Opportunities for Griffon and 466313AM5
Very good diversification
The 3 months correlation between Griffon and 466313AM5 is -0.22. Overlapping area represents the amount of risk that can be diversified away by holding Griffon and JBL 425 15 MAY 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on JBL 425 15 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 466313AM5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of JBL 425 15 has no effect on the direction of Griffon i.e., Griffon and 466313AM5 go up and down completely randomly.
Pair Corralation between Griffon and 466313AM5
Considering the 90-day investment horizon Griffon is expected to under-perform the 466313AM5. In addition to that, Griffon is 17.01 times more volatile than JBL 425 15 MAY 27. It trades about -0.13 of its total potential returns per unit of risk. JBL 425 15 MAY 27 is currently generating about -0.17 per unit of volatility. If you would invest 9,886 in JBL 425 15 MAY 27 on November 27, 2024 and sell it today you would lose (47.00) from holding JBL 425 15 MAY 27 or give up 0.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
Griffon vs. JBL 425 15 MAY 27
Performance |
| Timeline |
| Griffon |
| JBL 425 15 |
Griffon and 466313AM5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Griffon and 466313AM5
The main advantage of trading using opposite Griffon and 466313AM5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffon position performs unexpectedly, 466313AM5 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 466313AM5 will offset losses from the drop in 466313AM5's long position.| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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