Correlation Between GLG Life and Kalera Public
Can any of the company-specific risk be diversified away by investing in both GLG Life and Kalera Public 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 Kalera Public 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 Kalera Public Limited, you can compare the effects of market volatilities on GLG Life and Kalera Public 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 Kalera Public. Check out your portfolio center. Please also check ongoing floating volatility patterns of GLG Life and Kalera Public.
Diversification Opportunities for GLG Life and Kalera Public
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GLG and Kalera is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GLG Life Tech and Kalera Public Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kalera Public Limited 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 Kalera Public. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kalera Public Limited has no effect on the direction of GLG Life i.e., GLG Life and Kalera Public go up and down completely randomly.
Pair Corralation between GLG Life and Kalera Public
If you would invest (100.00) in Kalera Public Limited on November 6, 2024 and sell it today you would earn a total of 100.00 from holding Kalera Public Limited or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
GLG Life Tech vs. Kalera Public Limited
Performance |
| Timeline |
| GLG Life Tech |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Kalera Public Limited |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
GLG Life and Kalera Public Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GLG Life and Kalera Public
The main advantage of trading using opposite GLG Life and Kalera Public positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GLG Life position performs unexpectedly, Kalera Public 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 Kalera Public will offset losses from the drop in Kalera Public'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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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