Correlation Between GMxico Transportes and Grupo Profuturo
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By analyzing existing cross correlation between GMxico Transportes SAB and Grupo Profuturo SAB, you can compare the effects of market volatilities on GMxico Transportes and Grupo Profuturo 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 GMxico Transportes with a short position of Grupo Profuturo. Check out your portfolio center. Please also check ongoing floating volatility patterns of GMxico Transportes and Grupo Profuturo.
Diversification Opportunities for GMxico Transportes and Grupo Profuturo
0.1 | Correlation Coefficient |
Average diversification
The 3 months correlation between GMxico and Grupo is 0.1. Overlapping area represents the amount of risk that can be diversified away by holding GMxico Transportes SAB and Grupo Profuturo SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Profuturo SAB and GMxico Transportes 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 GMxico Transportes SAB are associated (or correlated) with Grupo Profuturo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Profuturo SAB has no effect on the direction of GMxico Transportes i.e., GMxico Transportes and Grupo Profuturo go up and down completely randomly.
Pair Corralation between GMxico Transportes and Grupo Profuturo
Assuming the 90 days trading horizon GMxico Transportes is expected to generate 8.36 times less return on investment than Grupo Profuturo. But when comparing it to its historical volatility, GMxico Transportes SAB is 2.33 times less risky than Grupo Profuturo. It trades about 0.06 of its potential returns per unit of risk. Grupo Profuturo SAB is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 11,000 in Grupo Profuturo SAB on November 28, 2024 and sell it today you would earn a total of 1,000.00 from holding Grupo Profuturo SAB or generate 9.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GMxico Transportes SAB vs. Grupo Profuturo SAB
Performance |
| Timeline |
| GMxico Transportes SAB |
| Grupo Profuturo SAB |
GMxico Transportes and Grupo Profuturo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GMxico Transportes and Grupo Profuturo
The main advantage of trading using opposite GMxico Transportes and Grupo Profuturo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GMxico Transportes position performs unexpectedly, Grupo Profuturo 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 Grupo Profuturo will offset losses from the drop in Grupo Profuturo's long position.| GMxico Transportes vs. Micron Technology | GMxico Transportes vs. Air Transport Services | GMxico Transportes vs. Monster Beverage Corp | GMxico Transportes vs. Grupo Hotelero Santa |
| Grupo Profuturo vs. DXC Technology | Grupo Profuturo vs. Micron Technology | Grupo Profuturo vs. Southwest Airlines | Grupo Profuturo vs. Grupo Sports World |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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