Correlation Between Goliath Film and Mike Pike
Can any of the company-specific risk be diversified away by investing in both Goliath Film and Mike Pike 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 Mike Pike 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 Mike The Pike, you can compare the effects of market volatilities on Goliath Film and Mike Pike 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 Mike Pike. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goliath Film and Mike Pike.
Diversification Opportunities for Goliath Film and Mike Pike
-0.44 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Goliath and Mike is -0.44. Overlapping area represents the amount of risk that can be diversified away by holding Goliath Film and and Mike The Pike in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mike The Pike 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 Mike Pike. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mike The Pike has no effect on the direction of Goliath Film i.e., Goliath Film and Mike Pike go up and down completely randomly.
Pair Corralation between Goliath Film and Mike Pike
Given the investment horizon of 90 days Goliath Film is expected to generate 20.18 times less return on investment than Mike Pike. But when comparing it to its historical volatility, Goliath Film and is 6.51 times less risky than Mike Pike. It trades about 0.02 of its potential returns per unit of risk. Mike The Pike is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 0.01 in Mike The Pike on August 29, 2024 and sell it today you would earn a total of 0.01 from holding Mike The Pike or generate 100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.77% |
| Values | Daily Returns |
Goliath Film and vs. Mike The Pike
Performance |
| Timeline |
| Goliath Film |
| Mike The Pike |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Goliath Film and Mike Pike Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goliath Film and Mike Pike
The main advantage of trading using opposite Goliath Film and Mike Pike positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goliath Film position performs unexpectedly, Mike Pike 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 Mike Pike will offset losses from the drop in Mike Pike's long position.| Goliath Film vs. Bank Rakyat | Goliath Film vs. PT Bank Rakyat | Goliath Film vs. Samsung Electronics Co | Goliath Film vs. Bank Mandiri Persero |
| Mike Pike vs. Hanover House | Mike Pike vs. Sanwire | Mike Pike vs. United Amern Pete | Mike Pike vs. Movie Studio |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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