Correlation Between Griffon and Oracle
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By analyzing existing cross correlation between Griffon and Oracle Corp 58, you can compare the effects of market volatilities on Griffon and Oracle 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 Oracle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffon and Oracle.
Diversification Opportunities for Griffon and Oracle
Good diversification
The 3 months correlation between Griffon and Oracle is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Griffon and Oracle Corp 58 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Oracle Corp 58 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 Oracle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Oracle Corp 58 has no effect on the direction of Griffon i.e., Griffon and Oracle go up and down completely randomly.
Pair Corralation between Griffon and Oracle
Considering the 90-day investment horizon Griffon is expected to generate 27.13 times more return on investment than Oracle. However, Griffon is 27.13 times more volatile than Oracle Corp 58. It trades about 0.16 of its potential returns per unit of risk. Oracle Corp 58 is currently generating about -0.05 per unit of risk. If you would invest 6,818 in Griffon on September 3, 2024 and sell it today you would earn a total of 1,612 from holding Griffon or generate 23.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Griffon vs. Oracle Corp 58
Performance |
| Timeline |
| Griffon |
| Oracle Corp 58 |
Griffon and Oracle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Griffon and Oracle
The main advantage of trading using opposite Griffon and Oracle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffon position performs unexpectedly, Oracle 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 Oracle will offset losses from the drop in Oracle's long position.| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
| Oracle vs. Sabra Healthcare REIT | Oracle vs. Ambev SA ADR | Oracle vs. Molson Coors Brewing | Oracle vs. Freedom Holding Corp |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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