Correlation Between Goliath Film and Aftermaster
Can any of the company-specific risk be diversified away by investing in both Goliath Film and Aftermaster 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 Goliath Film and Aftermaster into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Goliath Film and and Aftermaster, you can compare the effects of market volatilities on Goliath Film and Aftermaster 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 Goliath Film with a short position of Aftermaster. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goliath Film and Aftermaster.
Diversification Opportunities for Goliath Film and Aftermaster
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Goliath and Aftermaster is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Goliath Film and and Aftermaster in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aftermaster and Goliath Film 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 Goliath Film and are associated (or correlated) with Aftermaster. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aftermaster has no effect on the direction of Goliath Film i.e., Goliath Film and Aftermaster go up and down completely randomly.
Pair Corralation between Goliath Film and Aftermaster
If you would invest 0.41 in Goliath Film and on September 1, 2024 and sell it today you would lose (0.11) from holding Goliath Film and or give up 26.83% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.47% |
| Values | Daily Returns |
Goliath Film and vs. Aftermaster
Performance |
| Timeline |
| Goliath Film |
| Aftermaster |
Goliath Film and Aftermaster Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goliath Film and Aftermaster
The main advantage of trading using opposite Goliath Film and Aftermaster positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goliath Film position performs unexpectedly, Aftermaster 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 Aftermaster will offset losses from the drop in Aftermaster's long position.| Goliath Film vs. HUMANA INC | Goliath Film vs. Aquagold International | Goliath Film vs. Barloworld Ltd ADR | Goliath Film vs. Thrivent High Yield |
| Aftermaster vs. Porsche Automobile Holding | Aftermaster vs. Ferrari NV | Aftermaster vs. Toyota Motor | Aftermaster vs. General Motors |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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