Correlation Between Gol Intelligent and Agilent Technologies
Can any of the company-specific risk be diversified away by investing in both Gol Intelligent and Agilent Technologies 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 Agilent Technologies 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 Agilent Technologies, you can compare the effects of market volatilities on Gol Intelligent and Agilent Technologies 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 Agilent Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gol Intelligent and Agilent Technologies.
Diversification Opportunities for Gol Intelligent and Agilent Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gol and Agilent is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gol Intelligent Airlines and Agilent Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilent Technologies 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 Agilent Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilent Technologies has no effect on the direction of Gol Intelligent i.e., Gol Intelligent and Agilent Technologies go up and down completely randomly.
Pair Corralation between Gol Intelligent and Agilent Technologies
If you would invest 42.00 in Gol Intelligent Airlines on October 12, 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 | 94.12% |
| Values | Daily Returns |
Gol Intelligent Airlines vs. Agilent Technologies
Performance |
| Timeline |
| Gol Intelligent Airlines |
| Agilent Technologies |
Gol Intelligent and Agilent Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gol Intelligent and Agilent Technologies
The main advantage of trading using opposite Gol Intelligent and Agilent Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gol Intelligent position performs unexpectedly, Agilent Technologies 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 Agilent Technologies will offset losses from the drop in Agilent Technologies' long position.| Gol Intelligent vs. Southwest Airlines Co | Gol Intelligent vs. DEVRY EDUCATION GRP | Gol Intelligent vs. CAREER EDUCATION | Gol Intelligent vs. American Public Education |
| Agilent Technologies vs. Gol Intelligent Airlines | Agilent Technologies vs. Cairo Communication SpA | Agilent Technologies vs. Zoom Video Communications | Agilent Technologies vs. Telecom Argentina SA |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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