Correlation Between Grupo Mxico and Genomma Lab
Specify exactly 2 symbols:
By analyzing existing cross correlation between Grupo Mxico SAB and Genomma Lab Internacional, you can compare the effects of market volatilities on Grupo Mxico and Genomma Lab 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 Mxico with a short position of Genomma Lab. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Mxico and Genomma Lab.
Diversification Opportunities for Grupo Mxico and Genomma Lab
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Grupo and Genomma is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Mxico SAB and Genomma Lab Internacional in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genomma Lab Internacional and Grupo Mxico 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 Mxico SAB are associated (or correlated) with Genomma Lab. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genomma Lab Internacional has no effect on the direction of Grupo Mxico i.e., Grupo Mxico and Genomma Lab go up and down completely randomly.
Pair Corralation between Grupo Mxico and Genomma Lab
Assuming the 90 days trading horizon Grupo Mxico SAB is expected to under-perform the Genomma Lab. But the stock apears to be less risky and, when comparing its historical volatility, Grupo Mxico SAB is 1.06 times less risky than Genomma Lab. The stock trades about -0.02 of its potential returns per unit of risk. The Genomma Lab Internacional is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 1,900 in Genomma Lab Internacional on September 2, 2024 and sell it today you would earn a total of 817.00 from holding Genomma Lab Internacional or generate 43.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grupo Mxico SAB vs. Genomma Lab Internacional
Performance |
| Timeline |
| Grupo Mxico SAB |
| Genomma Lab Internacional |
Grupo Mxico and Genomma Lab Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Mxico and Genomma Lab
The main advantage of trading using opposite Grupo Mxico and Genomma Lab positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Mxico position performs unexpectedly, Genomma Lab 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 Genomma Lab will offset losses from the drop in Genomma Lab's long position.| Grupo Mxico vs. CEMEX SAB de | Grupo Mxico vs. Grupo Financiero Banorte | Grupo Mxico vs. Alfa SAB de | Grupo Mxico vs. Fomento Econmico Mexicano |
| Genomma Lab vs. Gruma SAB de | Genomma Lab vs. Alfa SAB de | Genomma Lab vs. Kimberly Clark de Mxico | Genomma Lab vs. Grupo Mxico SAB |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |