Correlation Between Gol Intelligent and SBA Communications
Can any of the company-specific risk be diversified away by investing in both Gol Intelligent and SBA Communications 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 SBA Communications 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 SBA Communications Corp, you can compare the effects of market volatilities on Gol Intelligent and SBA Communications 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 SBA Communications. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gol Intelligent and SBA Communications.
Diversification Opportunities for Gol Intelligent and SBA Communications
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gol and SBA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gol Intelligent Airlines and SBA Communications Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SBA Communications Corp 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 SBA Communications. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SBA Communications Corp has no effect on the direction of Gol Intelligent i.e., Gol Intelligent and SBA Communications go up and down completely randomly.
Pair Corralation between Gol Intelligent and SBA Communications
If you would invest 18,935 in SBA Communications Corp on December 11, 2024 and sell it today you would earn a total of 1,445 from holding SBA Communications Corp or generate 7.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.62% |
| Values | Daily Returns |
Gol Intelligent Airlines vs. SBA Communications Corp
Performance |
| Timeline |
| Gol Intelligent Airlines |
| SBA Communications Corp |
Gol Intelligent and SBA Communications Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gol Intelligent and SBA Communications
The main advantage of trading using opposite Gol Intelligent and SBA Communications positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gol Intelligent position performs unexpectedly, SBA Communications 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 SBA Communications will offset losses from the drop in SBA Communications' long position.| Gol Intelligent vs. SILICON LABORATOR | ||
| Gol Intelligent vs. Molson Coors Beverage | ||
| Gol Intelligent vs. High Liner Foods | ||
| Gol Intelligent vs. Sinopec Shanghai Petrochemical |
| SBA Communications vs. United Breweries Co | ||
| SBA Communications vs. MOLSON RS BEVERAGE | ||
| SBA Communications vs. National Beverage Corp | ||
| SBA Communications vs. Hyster Yale Materials Handling |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |