Correlation Between Gol Intelligent and Blackstone
Can any of the company-specific risk be diversified away by investing in both Gol Intelligent and Blackstone 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 Blackstone 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 Blackstone Group, you can compare the effects of market volatilities on Gol Intelligent and Blackstone 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 Blackstone. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gol Intelligent and Blackstone.
Diversification Opportunities for Gol Intelligent and Blackstone
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gol and Blackstone is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gol Intelligent Airlines and Blackstone Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Blackstone 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 Blackstone. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Blackstone Group has no effect on the direction of Gol Intelligent i.e., Gol Intelligent and Blackstone go up and down completely randomly.
Pair Corralation between Gol Intelligent and Blackstone
Assuming the 90 days trading horizon Gol Intelligent is expected to generate 391.25 times less return on investment than Blackstone. In addition to that, Gol Intelligent is 3.6 times more volatile than Blackstone Group. It trades about 0.0 of its total potential returns per unit of risk. Blackstone Group is currently generating about 0.08 per unit of volatility. If you would invest 8,358 in Blackstone Group on November 8, 2024 and sell it today you would earn a total of 8,062 from holding Blackstone Group or generate 96.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Gol Intelligent Airlines vs. Blackstone Group
Performance |
| Timeline |
| Gol Intelligent Airlines |
| Blackstone Group |
Gol Intelligent and Blackstone Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gol Intelligent and Blackstone
The main advantage of trading using opposite Gol Intelligent and Blackstone positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gol Intelligent position performs unexpectedly, Blackstone 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 Blackstone will offset losses from the drop in Blackstone's long position.| Gol Intelligent vs. Costco Wholesale Corp | Gol Intelligent vs. Nippon Light Metal | Gol Intelligent vs. JIAHUA STORES | Gol Intelligent vs. Air Transport Services |
| Blackstone vs. Northern Data AG | Blackstone vs. T MOBILE US | Blackstone vs. Pure Storage | Blackstone vs. Ribbon Communications |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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