Correlation Between Griffon and Kaiser
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By analyzing existing cross correlation between Griffon and Kaiser Permanente, you can compare the effects of market volatilities on Griffon and Kaiser 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 Kaiser. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffon and Kaiser.
Diversification Opportunities for Griffon and Kaiser
Very good diversification
The 3 months correlation between Griffon and Kaiser is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Griffon and Kaiser Permanente in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kaiser Permanente 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 Kaiser. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kaiser Permanente has no effect on the direction of Griffon i.e., Griffon and Kaiser go up and down completely randomly.
Pair Corralation between Griffon and Kaiser
Considering the 90-day investment horizon Griffon is expected to generate 3.02 times more return on investment than Kaiser. However, Griffon is 3.02 times more volatile than Kaiser Permanente. It trades about 0.3 of its potential returns per unit of risk. Kaiser Permanente is currently generating about -0.1 per unit of risk. If you would invest 6,339 in Griffon on September 4, 2024 and sell it today you would earn a total of 1,927 from holding Griffon or generate 30.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Griffon vs. Kaiser Permanente
Performance |
| Timeline |
| Griffon |
| Kaiser Permanente |
Griffon and Kaiser Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Griffon and Kaiser
The main advantage of trading using opposite Griffon and Kaiser positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffon position performs unexpectedly, Kaiser 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 Kaiser will offset losses from the drop in Kaiser's long position.| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
| Kaiser vs. World Houseware Limited | Kaiser vs. Steven Madden | Kaiser vs. Virgin Group Acquisition | Kaiser vs. Griffon |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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