Correlation Between Gol Intelligent and HF FOODS
Can any of the company-specific risk be diversified away by investing in both Gol Intelligent and HF FOODS 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 HF FOODS 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 HF FOODS GRP, you can compare the effects of market volatilities on Gol Intelligent and HF FOODS 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 HF FOODS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gol Intelligent and HF FOODS.
Diversification Opportunities for Gol Intelligent and HF FOODS
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gol and 3GX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gol Intelligent Airlines and HF FOODS GRP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HF FOODS GRP 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 HF FOODS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HF FOODS GRP has no effect on the direction of Gol Intelligent i.e., Gol Intelligent and HF FOODS go up and down completely randomly.
Pair Corralation between Gol Intelligent and HF FOODS
If you would invest 42.00 in Gol Intelligent Airlines on November 27, 2024 and sell it today you would earn a total of 0.00 from holding Gol Intelligent Airlines or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gol Intelligent Airlines vs. HF FOODS GRP
Performance |
| Timeline |
| Gol Intelligent Airlines |
| HF FOODS GRP |
Gol Intelligent and HF FOODS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gol Intelligent and HF FOODS
The main advantage of trading using opposite Gol Intelligent and HF FOODS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gol Intelligent position performs unexpectedly, HF FOODS 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 HF FOODS will offset losses from the drop in HF FOODS's long position.| Gol Intelligent vs. Merit Medical Systems | Gol Intelligent vs. EIDESVIK OFFSHORE NK | Gol Intelligent vs. United States Steel | Gol Intelligent vs. KOBE STEEL LTD |
| HF FOODS vs. Playtech plc | HF FOODS vs. Playa Hotels Resorts | HF FOODS vs. SLIGRO FOOD GROUP | HF FOODS vs. Nomad Foods |
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.
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