Correlation Between GLG Life and Harrow Health,
Can any of the company-specific risk be diversified away by investing in both GLG Life and Harrow Health, 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 GLG Life and Harrow Health, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GLG Life Tech and Harrow Health, 11875, you can compare the effects of market volatilities on GLG Life and Harrow Health, 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 GLG Life with a short position of Harrow Health,. Check out your portfolio center. Please also check ongoing floating volatility patterns of GLG Life and Harrow Health,.
Diversification Opportunities for GLG Life and Harrow Health,
-0.55 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between GLG and Harrow is -0.55. Overlapping area represents the amount of risk that can be diversified away by holding GLG Life Tech and Harrow Health, 11875 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Harrow Health, 11875 and GLG Life 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 GLG Life Tech are associated (or correlated) with Harrow Health,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Harrow Health, 11875 has no effect on the direction of GLG Life i.e., GLG Life and Harrow Health, go up and down completely randomly.
Pair Corralation between GLG Life and Harrow Health,
If you would invest 2,615 in Harrow Health, 11875 on August 28, 2024 and sell it today you would earn a total of 9.00 from holding Harrow Health, 11875 or generate 0.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
GLG Life Tech vs. Harrow Health, 11875
Performance |
| Timeline |
| GLG Life Tech |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Harrow Health, 11875 |
GLG Life and Harrow Health, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GLG Life and Harrow Health,
The main advantage of trading using opposite GLG Life and Harrow Health, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GLG Life position performs unexpectedly, Harrow Health, 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 Harrow Health, will offset losses from the drop in Harrow Health,'s long position.| GLG Life vs. Golden Agri Resources | GLG Life vs. Edible Garden AG | GLG Life vs. Vital Farms | GLG Life vs. Local Bounti Corp |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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