Correlation Between Griffin Mining and EVS Broadcast
Can any of the company-specific risk be diversified away by investing in both Griffin Mining and EVS Broadcast 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 Griffin Mining and EVS Broadcast into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Griffin Mining and EVS Broadcast Equipment, you can compare the effects of market volatilities on Griffin Mining and EVS Broadcast 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 Griffin Mining with a short position of EVS Broadcast. Check out your portfolio center. Please also check ongoing floating volatility patterns of Griffin Mining and EVS Broadcast.
Diversification Opportunities for Griffin Mining and EVS Broadcast
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Griffin and EVS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Griffin Mining and EVS Broadcast Equipment in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EVS Broadcast Equipment and Griffin Mining 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 Griffin Mining are associated (or correlated) with EVS Broadcast. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EVS Broadcast Equipment has no effect on the direction of Griffin Mining i.e., Griffin Mining and EVS Broadcast go up and down completely randomly.
Pair Corralation between Griffin Mining and EVS Broadcast
Assuming the 90 days trading horizon Griffin Mining is expected to generate 2.57 times more return on investment than EVS Broadcast. However, Griffin Mining is 2.57 times more volatile than EVS Broadcast Equipment. It trades about 0.12 of its potential returns per unit of risk. EVS Broadcast Equipment is currently generating about 0.24 per unit of risk. If you would invest 14,400 in Griffin Mining on October 11, 2024 and sell it today you would earn a total of 700.00 from holding Griffin Mining or generate 4.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Griffin Mining vs. EVS Broadcast Equipment
Performance |
| Timeline |
| Griffin Mining |
| EVS Broadcast Equipment |
Griffin Mining and EVS Broadcast Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Griffin Mining and EVS Broadcast
The main advantage of trading using opposite Griffin Mining and EVS Broadcast positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Griffin Mining position performs unexpectedly, EVS Broadcast 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 EVS Broadcast will offset losses from the drop in EVS Broadcast's long position.| Griffin Mining vs. Trainline Plc | Griffin Mining vs. Norwegian Air Shuttle | Griffin Mining vs. Bisichi Mining PLC | Griffin Mining vs. First Majestic Silver |
| EVS Broadcast vs. Kaufman Et Broad | EVS Broadcast vs. Zoom Video Communications | EVS Broadcast vs. Broadcom | EVS Broadcast vs. Sparebank 1 SR |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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