Correlation Between Gogoro and ZEEKR Intelligent
Can any of the company-specific risk be diversified away by investing in both Gogoro and ZEEKR Intelligent 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 Gogoro and ZEEKR Intelligent into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gogoro Inc and ZEEKR Intelligent Technology, you can compare the effects of market volatilities on Gogoro and ZEEKR Intelligent 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 Gogoro with a short position of ZEEKR Intelligent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gogoro and ZEEKR Intelligent.
Diversification Opportunities for Gogoro and ZEEKR Intelligent
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gogoro and ZEEKR is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Gogoro Inc and ZEEKR Intelligent Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ZEEKR Intelligent and Gogoro 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 Gogoro Inc are associated (or correlated) with ZEEKR Intelligent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ZEEKR Intelligent has no effect on the direction of Gogoro i.e., Gogoro and ZEEKR Intelligent go up and down completely randomly.
Pair Corralation between Gogoro and ZEEKR Intelligent
Considering the 90-day investment horizon Gogoro Inc is expected to generate 0.71 times more return on investment than ZEEKR Intelligent. However, Gogoro Inc is 1.4 times less risky than ZEEKR Intelligent. It trades about 0.07 of its potential returns per unit of risk. ZEEKR Intelligent Technology is currently generating about -0.11 per unit of risk. If you would invest 50.00 in Gogoro Inc on August 29, 2024 and sell it today you would earn a total of 3.00 from holding Gogoro Inc or generate 6.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gogoro Inc vs. ZEEKR Intelligent Technology
Performance |
| Timeline |
| Gogoro Inc |
| ZEEKR Intelligent |
Gogoro and ZEEKR Intelligent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gogoro and ZEEKR Intelligent
The main advantage of trading using opposite Gogoro and ZEEKR Intelligent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gogoro position performs unexpectedly, ZEEKR Intelligent 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 ZEEKR Intelligent will offset losses from the drop in ZEEKR Intelligent's long position.| Gogoro vs. Motorcar Parts of | Gogoro vs. Stoneridge | Gogoro vs. Superior Industries International | Gogoro vs. Lear Corporation |
| ZEEKR Intelligent vs. Femasys | ZEEKR Intelligent vs. JBG SMITH Properties | ZEEKR Intelligent vs. Repligen | ZEEKR Intelligent vs. ICU Medical |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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