Correlation Between GRIFFIN MINING and TELES Informationstech
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By analyzing existing cross correlation between GRIFFIN MINING LTD and TELES Informationstechnologien AG, you can compare the effects of market volatilities on GRIFFIN MINING and TELES Informationstech 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 TELES Informationstech. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIFFIN MINING and TELES Informationstech.
Diversification Opportunities for GRIFFIN MINING and TELES Informationstech
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between GRIFFIN and TELES is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding GRIFFIN MINING LTD and TELES Informationstechnologien in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TELES Informationstech 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 TELES Informationstech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TELES Informationstech has no effect on the direction of GRIFFIN MINING i.e., GRIFFIN MINING and TELES Informationstech go up and down completely randomly.
Pair Corralation between GRIFFIN MINING and TELES Informationstech
Assuming the 90 days horizon GRIFFIN MINING LTD is expected to generate 0.56 times more return on investment than TELES Informationstech. However, GRIFFIN MINING LTD is 1.79 times less risky than TELES Informationstech. It trades about -0.02 of its potential returns per unit of risk. TELES Informationstechnologien AG is currently generating about -0.19 per unit of risk. If you would invest 174.00 in GRIFFIN MINING LTD on September 1, 2024 and sell it today you would lose (2.00) from holding GRIFFIN MINING LTD or give up 1.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRIFFIN MINING LTD vs. TELES Informationstechnologien
Performance |
| Timeline |
| GRIFFIN MINING LTD |
| TELES Informationstech |
GRIFFIN MINING and TELES Informationstech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRIFFIN MINING and TELES Informationstech
The main advantage of trading using opposite GRIFFIN MINING and TELES Informationstech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIFFIN MINING position performs unexpectedly, TELES Informationstech 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 TELES Informationstech will offset losses from the drop in TELES Informationstech'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 |
| TELES Informationstech vs. Motorola Solutions | TELES Informationstech vs. Nokia | TELES Informationstech vs. ZTE Corporation | TELES Informationstech vs. Hewlett Packard Enterprise |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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