Correlation Between Gol Intelligent and MTY Food
Can any of the company-specific risk be diversified away by investing in both Gol Intelligent and MTY Food 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 MTY Food 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 MTY Food Group, you can compare the effects of market volatilities on Gol Intelligent and MTY Food 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 MTY Food. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gol Intelligent and MTY Food.
Diversification Opportunities for Gol Intelligent and MTY Food
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gol and MTY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gol Intelligent Airlines and MTY Food Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MTY Food Group 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 MTY Food. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MTY Food Group has no effect on the direction of Gol Intelligent i.e., Gol Intelligent and MTY Food go up and down completely randomly.
Pair Corralation between Gol Intelligent and MTY Food
If you would invest 42.00 in Gol Intelligent Airlines on December 11, 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 | 97.62% |
| Values | Daily Returns |
Gol Intelligent Airlines vs. MTY Food Group
Performance |
| Timeline |
| Gol Intelligent Airlines |
| MTY Food Group |
Gol Intelligent and MTY Food Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gol Intelligent and MTY Food
The main advantage of trading using opposite Gol Intelligent and MTY Food positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gol Intelligent position performs unexpectedly, MTY Food 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 MTY Food will offset losses from the drop in MTY Food's long position.| Gol Intelligent vs. SILICON LABORATOR | ||
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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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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