Correlation Between GRIFFIN MINING and PLAYTIKA HOLDING
Can any of the company-specific risk be diversified away by investing in both GRIFFIN MINING and PLAYTIKA HOLDING 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 PLAYTIKA HOLDING 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 PLAYTIKA HOLDING DL 01, you can compare the effects of market volatilities on GRIFFIN MINING and PLAYTIKA HOLDING 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 PLAYTIKA HOLDING. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIFFIN MINING and PLAYTIKA HOLDING.
Diversification Opportunities for GRIFFIN MINING and PLAYTIKA HOLDING
-0.47 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GRIFFIN and PLAYTIKA is -0.47. Overlapping area represents the amount of risk that can be diversified away by holding GRIFFIN MINING LTD and PLAYTIKA HOLDING DL 01 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PLAYTIKA HOLDING 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 PLAYTIKA HOLDING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PLAYTIKA HOLDING has no effect on the direction of GRIFFIN MINING i.e., GRIFFIN MINING and PLAYTIKA HOLDING go up and down completely randomly.
Pair Corralation between GRIFFIN MINING and PLAYTIKA HOLDING
Assuming the 90 days horizon GRIFFIN MINING LTD is expected to under-perform the PLAYTIKA HOLDING. But the stock apears to be less risky and, when comparing its historical volatility, GRIFFIN MINING LTD is 1.19 times less risky than PLAYTIKA HOLDING. The stock trades about -0.01 of its potential returns per unit of risk. The PLAYTIKA HOLDING DL 01 is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 765.00 in PLAYTIKA HOLDING DL 01 on September 13, 2024 and sell it today you would earn a total of 15.00 from holding PLAYTIKA HOLDING DL 01 or generate 1.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
GRIFFIN MINING LTD vs. PLAYTIKA HOLDING DL 01
Performance |
| Timeline |
| GRIFFIN MINING LTD |
| PLAYTIKA HOLDING |
GRIFFIN MINING and PLAYTIKA HOLDING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIFFIN MINING and PLAYTIKA HOLDING
The main advantage of trading using opposite GRIFFIN MINING and PLAYTIKA HOLDING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIFFIN MINING position performs unexpectedly, PLAYTIKA HOLDING 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 PLAYTIKA HOLDING will offset losses from the drop in PLAYTIKA HOLDING's long position.| GRIFFIN MINING vs. Apple Inc | GRIFFIN MINING vs. Apple Inc | GRIFFIN MINING vs. Apple Inc | GRIFFIN MINING vs. Apple Inc |
| PLAYTIKA HOLDING vs. Salesforce | PLAYTIKA HOLDING vs. SIMS METAL MGT | PLAYTIKA HOLDING vs. FIREWEED METALS P | PLAYTIKA HOLDING vs. Lion One Metals |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
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