Correlation Between GRIFFIN MINING and AmerisourceBergen
Can any of the company-specific risk be diversified away by investing in both GRIFFIN MINING and AmerisourceBergen 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 AmerisourceBergen 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 AmerisourceBergen, you can compare the effects of market volatilities on GRIFFIN MINING and AmerisourceBergen 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 AmerisourceBergen. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIFFIN MINING and AmerisourceBergen.
Diversification Opportunities for GRIFFIN MINING and AmerisourceBergen
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between GRIFFIN and AmerisourceBergen is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding GRIFFIN MINING LTD and AmerisourceBergen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AmerisourceBergen 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 AmerisourceBergen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AmerisourceBergen has no effect on the direction of GRIFFIN MINING i.e., GRIFFIN MINING and AmerisourceBergen go up and down completely randomly.
Pair Corralation between GRIFFIN MINING and AmerisourceBergen
Assuming the 90 days horizon GRIFFIN MINING LTD is expected to under-perform the AmerisourceBergen. In addition to that, GRIFFIN MINING is 1.28 times more volatile than AmerisourceBergen. It trades about -0.02 of its total potential returns per unit of risk. AmerisourceBergen is currently generating about 0.37 per unit of volatility. If you would invest 20,791 in AmerisourceBergen on September 1, 2024 and sell it today you would earn a total of 2,614 from holding AmerisourceBergen or generate 12.57% 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. AmerisourceBergen
Performance |
| Timeline |
| GRIFFIN MINING LTD |
| AmerisourceBergen |
GRIFFIN MINING and AmerisourceBergen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIFFIN MINING and AmerisourceBergen
The main advantage of trading using opposite GRIFFIN MINING and AmerisourceBergen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIFFIN MINING position performs unexpectedly, AmerisourceBergen 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 AmerisourceBergen will offset losses from the drop in AmerisourceBergen's long position.| GRIFFIN MINING vs. Microbot Medical | GRIFFIN MINING vs. VIRGIN WINES UK | GRIFFIN MINING vs. Japan Medical Dynamic | GRIFFIN MINING vs. JAPAN TOBACCO UNSPADR12 |
| AmerisourceBergen vs. GRIFFIN MINING LTD | AmerisourceBergen vs. Harmony Gold Mining | AmerisourceBergen vs. UNITED RENTALS | AmerisourceBergen vs. CSSC Offshore Marine |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |