Correlation Between Grupo Gigante and Dow Jones
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By analyzing existing cross correlation between Grupo Gigante S and Dow Jones Industrial, you can compare the effects of market volatilities on Grupo Gigante and Dow Jones 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 Grupo Gigante with a short position of Dow Jones. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Gigante and Dow Jones.
Diversification Opportunities for Grupo Gigante and Dow Jones
0.69 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Grupo and Dow is 0.69. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Gigante S and Dow Jones Industrial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Dow Jones Industrial and Grupo Gigante 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 Grupo Gigante S are associated (or correlated) with Dow Jones. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dow Jones Industrial has no effect on the direction of Grupo Gigante i.e., Grupo Gigante and Dow Jones go up and down completely randomly.
Pair Corralation between Grupo Gigante and Dow Jones
If you would invest 4,251,495 in Dow Jones Industrial on August 24, 2024 and sell it today you would earn a total of 135,540 from holding Dow Jones Industrial or generate 3.19% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 91.3% |
| Values | Daily Returns |
Grupo Gigante S vs. Dow Jones Industrial
Performance |
| Timeline |
Grupo Gigante and Dow Jones Volatility Contrast
Predicted Return Density |
| Returns |
Grupo Gigante S
Pair trading matchups for Grupo Gigante
Dow Jones Industrial
Pair trading matchups for Dow Jones
Pair Trading with Grupo Gigante and Dow Jones
The main advantage of trading using opposite Grupo Gigante and Dow Jones positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Gigante position performs unexpectedly, Dow Jones 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 Dow Jones will offset losses from the drop in Dow Jones' long position.| Grupo Gigante vs. GMxico Transportes SAB | Grupo Gigante vs. Samsung Electronics Co | Grupo Gigante vs. Micron Technology | Grupo Gigante vs. Genworth Financial |
| Dow Jones vs. Sphere Entertainment Co | Dow Jones vs. Perseus Mining Limited | Dow Jones vs. Titan Machinery | Dow Jones vs. Simon Property Group |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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