Correlation Between Griffon and Mangazeya Mining
Can any of the company-specific risk be diversified away by investing in both Griffon and Mangazeya Mining at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Griffon and Mangazeya Mining into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Griffon and Mangazeya Mining, you can compare the effects of market volatilities on Griffon and Mangazeya Mining 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 Mangazeya Mining. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffon and Mangazeya Mining.
Diversification Opportunities for Griffon and Mangazeya Mining
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Griffon and Mangazeya is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Griffon and Mangazeya Mining in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mangazeya Mining 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 Mangazeya Mining. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mangazeya Mining has no effect on the direction of Griffon i.e., Griffon and Mangazeya Mining go up and down completely randomly.
Pair Corralation between Griffon and Mangazeya Mining
If you would invest 6,854 in Griffon on September 3, 2024 and sell it today you would earn a total of 1,576 from holding Griffon or generate 22.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.2% |
| Values | Daily Returns |
Griffon vs. Mangazeya Mining
Performance |
| Timeline |
| Griffon |
| Mangazeya Mining |
Griffon and Mangazeya Mining Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Griffon and Mangazeya Mining
The main advantage of trading using opposite Griffon and Mangazeya Mining positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffon position performs unexpectedly, Mangazeya Mining 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 Mangazeya Mining will offset losses from the drop in Mangazeya Mining's long position.| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
| Mangazeya Mining vs. Fortuna Silver Mines | Mangazeya Mining vs. Pan American Silver | Mangazeya Mining vs. Harmony Gold Mining | Mangazeya Mining vs. IAMGold |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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