Correlation Between GRIFFIN MINING and BOS BETTER
Can any of the company-specific risk be diversified away by investing in both GRIFFIN MINING and BOS BETTER 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 BOS BETTER 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 BOS BETTER ONLINE, you can compare the effects of market volatilities on GRIFFIN MINING and BOS BETTER 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 BOS BETTER. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIFFIN MINING and BOS BETTER.
Diversification Opportunities for GRIFFIN MINING and BOS BETTER
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GRIFFIN and BOS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GRIFFIN MINING LTD and BOS BETTER ONLINE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOS BETTER ONLINE 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 BOS BETTER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOS BETTER ONLINE has no effect on the direction of GRIFFIN MINING i.e., GRIFFIN MINING and BOS BETTER go up and down completely randomly.
Pair Corralation between GRIFFIN MINING and BOS BETTER
If you would invest 90.00 in GRIFFIN MINING LTD on November 29, 2024 and sell it today you would earn a total of 126.00 from holding GRIFFIN MINING LTD or generate 140.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRIFFIN MINING LTD vs. BOS BETTER ONLINE
Performance |
| Timeline |
| GRIFFIN MINING LTD |
| BOS BETTER ONLINE |
GRIFFIN MINING and BOS BETTER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIFFIN MINING and BOS BETTER
The main advantage of trading using opposite GRIFFIN MINING and BOS BETTER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIFFIN MINING position performs unexpectedly, BOS BETTER 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 BOS BETTER will offset losses from the drop in BOS BETTER's long position.| GRIFFIN MINING vs. United Natural Foods | GRIFFIN MINING vs. Xinhua Winshare Publishing | GRIFFIN MINING vs. PLANT VEDA FOODS | GRIFFIN MINING vs. CAREER EDUCATION |
| BOS BETTER vs. Gaming and Leisure | BOS BETTER vs. USWE SPORTS AB | BOS BETTER vs. UNIVERSAL DISPLAY | BOS BETTER vs. PLAYWAY SA ZY 10 |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
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