Correlation Between Gol Intelligent and Boyaa Interactive
Can any of the company-specific risk be diversified away by investing in both Gol Intelligent and Boyaa Interactive 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 Gol Intelligent and Boyaa Interactive into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gol Intelligent Airlines and Boyaa Interactive International, you can compare the effects of market volatilities on Gol Intelligent and Boyaa Interactive 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 Gol Intelligent with a short position of Boyaa Interactive. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gol Intelligent and Boyaa Interactive.
Diversification Opportunities for Gol Intelligent and Boyaa Interactive
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gol and Boyaa is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gol Intelligent Airlines and Boyaa Interactive Internationa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Boyaa Interactive and Gol Intelligent 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 Gol Intelligent Airlines are associated (or correlated) with Boyaa Interactive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Boyaa Interactive has no effect on the direction of Gol Intelligent i.e., Gol Intelligent and Boyaa Interactive go up and down completely randomly.
Pair Corralation between Gol Intelligent and Boyaa Interactive
If you would invest 62.00 in Boyaa Interactive International on October 20, 2024 and sell it today you would earn a total of 3.00 from holding Boyaa Interactive International or generate 4.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 94.44% |
| Values | Daily Returns |
Gol Intelligent Airlines vs. Boyaa Interactive Internationa
Performance |
| Timeline |
| Gol Intelligent Airlines |
| Boyaa Interactive |
Gol Intelligent and Boyaa Interactive Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gol Intelligent and Boyaa Interactive
The main advantage of trading using opposite Gol Intelligent and Boyaa Interactive positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gol Intelligent position performs unexpectedly, Boyaa Interactive 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 Boyaa Interactive will offset losses from the drop in Boyaa Interactive's long position.| Gol Intelligent vs. HEALTHSTREAM | Gol Intelligent vs. CREO MEDICAL GRP | Gol Intelligent vs. MEDICAL FACILITIES NEW | Gol Intelligent vs. OPKO HEALTH |
| Boyaa Interactive vs. Yuexiu Transport Infrastructure | Boyaa Interactive vs. INDOFOOD AGRI RES | Boyaa Interactive vs. United Natural Foods | Boyaa Interactive vs. Performance Food Group |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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