Correlation Between GRIFFIN MINING and Marie Brizard
Can any of the company-specific risk be diversified away by investing in both GRIFFIN MINING and Marie Brizard 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 Marie Brizard 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 Marie Brizard Wine, you can compare the effects of market volatilities on GRIFFIN MINING and Marie Brizard 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 Marie Brizard. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIFFIN MINING and Marie Brizard.
Diversification Opportunities for GRIFFIN MINING and Marie Brizard
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between GRIFFIN and Marie is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding GRIFFIN MINING LTD and Marie Brizard Wine in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marie Brizard Wine 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 Marie Brizard. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marie Brizard Wine has no effect on the direction of GRIFFIN MINING i.e., GRIFFIN MINING and Marie Brizard go up and down completely randomly.
Pair Corralation between GRIFFIN MINING and Marie Brizard
Assuming the 90 days horizon GRIFFIN MINING LTD is expected to generate 3.31 times more return on investment than Marie Brizard. However, GRIFFIN MINING is 3.31 times more volatile than Marie Brizard Wine. It trades about -0.02 of its potential returns per unit of risk. Marie Brizard Wine is currently generating about -0.52 per unit of risk. If you would invest 172.00 in GRIFFIN MINING LTD on November 3, 2024 and sell it today you would lose (4.00) from holding GRIFFIN MINING LTD or give up 2.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRIFFIN MINING LTD vs. Marie Brizard Wine
Performance |
| Timeline |
| GRIFFIN MINING LTD |
| Marie Brizard Wine |
GRIFFIN MINING and Marie Brizard Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIFFIN MINING and Marie Brizard
The main advantage of trading using opposite GRIFFIN MINING and Marie Brizard positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIFFIN MINING position performs unexpectedly, Marie Brizard 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 Marie Brizard will offset losses from the drop in Marie Brizard's long position.| GRIFFIN MINING vs. Perseus Mining Limited | GRIFFIN MINING vs. Harmony Gold Mining | GRIFFIN MINING vs. Gaztransport Technigaz SA | GRIFFIN MINING vs. DISTRICT METALS |
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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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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