Correlation Between Grupo Financiero and First Solar
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By analyzing existing cross correlation between Grupo Financiero Banorte and First Solar, you can compare the effects of market volatilities on Grupo Financiero and First Solar 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 Grupo Financiero with a short position of First Solar. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Financiero and First Solar.
Diversification Opportunities for Grupo Financiero and First Solar
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Grupo and First is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Financiero Banorte and First Solar in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Solar and Grupo Financiero 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 Grupo Financiero Banorte are associated (or correlated) with First Solar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Solar has no effect on the direction of Grupo Financiero i.e., Grupo Financiero and First Solar go up and down completely randomly.
Pair Corralation between Grupo Financiero and First Solar
Assuming the 90 days trading horizon Grupo Financiero Banorte is expected to generate 0.52 times more return on investment than First Solar. However, Grupo Financiero Banorte is 1.92 times less risky than First Solar. It trades about 0.12 of its potential returns per unit of risk. First Solar is currently generating about -0.23 per unit of risk. If you would invest 14,075 in Grupo Financiero Banorte on November 8, 2024 and sell it today you would earn a total of 472.00 from holding Grupo Financiero Banorte or generate 3.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grupo Financiero Banorte vs. First Solar
Performance |
| Timeline |
| Grupo Financiero Banorte |
| First Solar |
Grupo Financiero and First Solar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Financiero and First Solar
The main advantage of trading using opposite Grupo Financiero and First Solar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Financiero position performs unexpectedly, First Solar 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 First Solar will offset losses from the drop in First Solar's long position.| Grupo Financiero vs. United States Steel | Grupo Financiero vs. Grupo Hotelero Santa | Grupo Financiero vs. FibraHotel | Grupo Financiero vs. First Majestic Silver |
| First Solar vs. Applied Materials | First Solar vs. Verizon Communications | First Solar vs. CVS Health | First Solar vs. The Bank of |
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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