Correlation Between Griffon and 828807DV6
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By analyzing existing cross correlation between Griffon and SPG 585 08 MAR 53, you can compare the effects of market volatilities on Griffon and 828807DV6 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 828807DV6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffon and 828807DV6.
Diversification Opportunities for Griffon and 828807DV6
Good diversification
The 3 months correlation between Griffon and 828807DV6 is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Griffon and SPG 585 08 MAR 53 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPG 585 08 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 828807DV6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPG 585 08 has no effect on the direction of Griffon i.e., Griffon and 828807DV6 go up and down completely randomly.
Pair Corralation between Griffon and 828807DV6
Considering the 90-day investment horizon Griffon is expected to generate 2.67 times more return on investment than 828807DV6. However, Griffon is 2.67 times more volatile than SPG 585 08 MAR 53. It trades about 0.09 of its potential returns per unit of risk. SPG 585 08 MAR 53 is currently generating about 0.0 per unit of risk. If you would invest 3,210 in Griffon on September 12, 2024 and sell it today you would earn a total of 4,797 from holding Griffon or generate 149.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 81.62% |
| Values | Daily Returns |
Griffon vs. SPG 585 08 MAR 53
Performance |
| Timeline |
| Griffon |
| SPG 585 08 |
Griffon and 828807DV6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Griffon and 828807DV6
The main advantage of trading using opposite Griffon and 828807DV6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffon position performs unexpectedly, 828807DV6 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 828807DV6 will offset losses from the drop in 828807DV6's long position.| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
| 828807DV6 vs. Pekin Life Insurance | 828807DV6 vs. Asure Software | 828807DV6 vs. Videolocity International | 828807DV6 vs. Zoom Video Communications |
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 Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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