Correlation Between GRIFFIN MINING and Mosaic
Can any of the company-specific risk be diversified away by investing in both GRIFFIN MINING and Mosaic 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 Mosaic into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GRIFFIN MINING LTD and The Mosaic, you can compare the effects of market volatilities on GRIFFIN MINING and Mosaic 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 Mosaic. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIFFIN MINING and Mosaic.
Diversification Opportunities for GRIFFIN MINING and Mosaic
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GRIFFIN and Mosaic is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding GRIFFIN MINING LTD and The Mosaic in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mosaic 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 LTD are associated (or correlated) with Mosaic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mosaic has no effect on the direction of GRIFFIN MINING i.e., GRIFFIN MINING and Mosaic go up and down completely randomly.
Pair Corralation between GRIFFIN MINING and Mosaic
Assuming the 90 days horizon GRIFFIN MINING LTD is expected to generate 0.93 times more return on investment than Mosaic. However, GRIFFIN MINING LTD is 1.07 times less risky than Mosaic. It trades about 0.12 of its potential returns per unit of risk. The Mosaic is currently generating about -0.02 per unit of risk. If you would invest 90.00 in GRIFFIN MINING LTD on September 15, 2024 and sell it today you would earn a total of 84.00 from holding GRIFFIN MINING LTD or generate 93.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRIFFIN MINING LTD vs. The Mosaic
Performance |
| Timeline |
| GRIFFIN MINING LTD |
| Mosaic |
GRIFFIN MINING and Mosaic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIFFIN MINING and Mosaic
The main advantage of trading using opposite GRIFFIN MINING and Mosaic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIFFIN MINING position performs unexpectedly, Mosaic 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 Mosaic will offset losses from the drop in Mosaic's long position.| GRIFFIN MINING vs. Apple Inc | GRIFFIN MINING vs. Apple Inc | GRIFFIN MINING vs. Apple Inc | GRIFFIN MINING vs. Apple Inc |
| Mosaic vs. Global Ship Lease | Mosaic vs. MCEWEN MINING INC | Mosaic vs. GRIFFIN MINING LTD | Mosaic vs. Datalogic SpA |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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