Correlation Between GRIFFIN MINING and Astral Foods
Can any of the company-specific risk be diversified away by investing in both GRIFFIN MINING and Astral Foods 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 Astral Foods 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 Astral Foods Limited, you can compare the effects of market volatilities on GRIFFIN MINING and Astral Foods 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 Astral Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIFFIN MINING and Astral Foods.
Diversification Opportunities for GRIFFIN MINING and Astral Foods
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between GRIFFIN and Astral is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding GRIFFIN MINING LTD and Astral Foods Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Astral Foods Limited 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 Astral Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Astral Foods Limited has no effect on the direction of GRIFFIN MINING i.e., GRIFFIN MINING and Astral Foods go up and down completely randomly.
Pair Corralation between GRIFFIN MINING and Astral Foods
Assuming the 90 days horizon GRIFFIN MINING is expected to generate 2.34 times less return on investment than Astral Foods. But when comparing it to its historical volatility, GRIFFIN MINING LTD is 3.11 times less risky than Astral Foods. It trades about 0.06 of its potential returns per unit of risk. Astral Foods Limited is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 353.00 in Astral Foods Limited on October 27, 2024 and sell it today you would earn a total of 512.00 from holding Astral Foods Limited or generate 145.04% 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. Astral Foods Limited
Performance |
| Timeline |
| GRIFFIN MINING LTD |
| Astral Foods Limited |
GRIFFIN MINING and Astral Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIFFIN MINING and Astral Foods
The main advantage of trading using opposite GRIFFIN MINING and Astral Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIFFIN MINING position performs unexpectedly, Astral Foods 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 Astral Foods will offset losses from the drop in Astral Foods' long position.| GRIFFIN MINING vs. CLOVER HEALTH INV | GRIFFIN MINING vs. Planet Fitness | GRIFFIN MINING vs. Universal Health Realty | GRIFFIN MINING vs. Marie Brizard Wine |
| Astral Foods vs. Archer Daniels Midland | Astral Foods vs. Tyson Foods | Astral Foods vs. MOWI ASA SPADR | Astral Foods vs. Mowi ASA |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |