Correlation Between Grupo Gigante and IShares Trust
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By analyzing existing cross correlation between Grupo Gigante S and iShares Trust , you can compare the effects of market volatilities on Grupo Gigante and IShares Trust 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 IShares Trust. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Gigante and IShares Trust.
Diversification Opportunities for Grupo Gigante and IShares Trust
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Grupo and IShares is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Gigante S and iShares Trust in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on iShares Trust 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 IShares Trust. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of iShares Trust has no effect on the direction of Grupo Gigante i.e., Grupo Gigante and IShares Trust go up and down completely randomly.
Pair Corralation between Grupo Gigante and IShares Trust
Assuming the 90 days trading horizon Grupo Gigante S is expected to generate 2.64 times more return on investment than IShares Trust. However, Grupo Gigante is 2.64 times more volatile than iShares Trust . It trades about 0.24 of its potential returns per unit of risk. iShares Trust is currently generating about -0.04 per unit of risk. If you would invest 2,250 in Grupo Gigante S on August 25, 2024 and sell it today you would earn a total of 550.00 from holding Grupo Gigante S or generate 24.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 97.62% |
| Values | Daily Returns |
Grupo Gigante S vs. iShares Trust
Performance |
| Timeline |
| Grupo Gigante S |
| iShares Trust |
Grupo Gigante and IShares Trust Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Gigante and IShares Trust
The main advantage of trading using opposite Grupo Gigante and IShares Trust positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Gigante position performs unexpectedly, IShares Trust 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 IShares Trust will offset losses from the drop in IShares Trust's long position.| Grupo Gigante vs. Micron Technology | Grupo Gigante vs. Burlington Stores | Grupo Gigante vs. McEwen Mining | Grupo Gigante vs. Applied Materials |
| IShares Trust vs. Vanguard Index Funds | IShares Trust vs. Vanguard Index Funds | IShares Trust vs. SPDR SP 500 | IShares Trust vs. iShares Trust |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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