Correlation Between GRIFFIN MINING and Hyster-Yale Materials
Can any of the company-specific risk be diversified away by investing in both GRIFFIN MINING and Hyster-Yale Materials 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 Hyster-Yale Materials 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 Hyster Yale Materials Handling, you can compare the effects of market volatilities on GRIFFIN MINING and Hyster-Yale Materials 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 Hyster-Yale Materials. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIFFIN MINING and Hyster-Yale Materials.
Diversification Opportunities for GRIFFIN MINING and Hyster-Yale Materials
0.55 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between GRIFFIN and Hyster-Yale is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding GRIFFIN MINING LTD and Hyster Yale Materials Handling in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Hyster Yale Materials 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 Hyster-Yale Materials. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hyster Yale Materials has no effect on the direction of GRIFFIN MINING i.e., GRIFFIN MINING and Hyster-Yale Materials go up and down completely randomly.
Pair Corralation between GRIFFIN MINING and Hyster-Yale Materials
Assuming the 90 days horizon GRIFFIN MINING LTD is expected to under-perform the Hyster-Yale Materials. In addition to that, GRIFFIN MINING is 1.35 times more volatile than Hyster Yale Materials Handling. It trades about -0.09 of its total potential returns per unit of risk. Hyster Yale Materials Handling is currently generating about -0.11 per unit of volatility. If you would invest 5,150 in Hyster Yale Materials Handling on October 17, 2024 and sell it today you would lose (210.00) from holding Hyster Yale Materials Handling or give up 4.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRIFFIN MINING LTD vs. Hyster Yale Materials Handling
Performance |
| Timeline |
| GRIFFIN MINING LTD |
| Hyster Yale Materials |
GRIFFIN MINING and Hyster-Yale Materials Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIFFIN MINING and Hyster-Yale Materials
The main advantage of trading using opposite GRIFFIN MINING and Hyster-Yale Materials positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIFFIN MINING position performs unexpectedly, Hyster-Yale Materials 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 Hyster-Yale Materials will offset losses from the drop in Hyster-Yale Materials' long position.| GRIFFIN MINING vs. Caseys General Stores | GRIFFIN MINING vs. Thai Beverage Public | GRIFFIN MINING vs. Tencent Music Entertainment | GRIFFIN MINING vs. BJs Wholesale Club |
| Hyster-Yale Materials vs. LOANDEPOT INC A | Hyster-Yale Materials vs. TOMBADOR IRON LTD | Hyster-Yale Materials vs. Sixt Leasing SE | Hyster-Yale Materials vs. UNITED RENTALS |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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