Correlation Between Gol Intelligent and CEOTRONICS (CEKSG)
Can any of the company-specific risk be diversified away by investing in both Gol Intelligent and CEOTRONICS (CEKSG) 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 CEOTRONICS (CEKSG) 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 CEOTRONICS, you can compare the effects of market volatilities on Gol Intelligent and CEOTRONICS (CEKSG) 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 CEOTRONICS (CEKSG). Check out your portfolio center. Please also check ongoing floating volatility patterns of Gol Intelligent and CEOTRONICS (CEKSG).
Diversification Opportunities for Gol Intelligent and CEOTRONICS (CEKSG)
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gol and CEOTRONICS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gol Intelligent Airlines and CEOTRONICS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CEOTRONICS (CEKSG) 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 CEOTRONICS (CEKSG). Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CEOTRONICS (CEKSG) has no effect on the direction of Gol Intelligent i.e., Gol Intelligent and CEOTRONICS (CEKSG) go up and down completely randomly.
Pair Corralation between Gol Intelligent and CEOTRONICS (CEKSG)
If you would invest 605.00 in CEOTRONICS on December 13, 2024 and sell it today you would earn a total of 295.00 from holding CEOTRONICS or generate 48.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Gol Intelligent Airlines vs. CEOTRONICS
Performance |
| Timeline |
| Gol Intelligent Airlines |
| CEOTRONICS (CEKSG) |
Gol Intelligent and CEOTRONICS (CEKSG) Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gol Intelligent and CEOTRONICS (CEKSG)
The main advantage of trading using opposite Gol Intelligent and CEOTRONICS (CEKSG) positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gol Intelligent position performs unexpectedly, CEOTRONICS (CEKSG) 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 CEOTRONICS (CEKSG) will offset losses from the drop in CEOTRONICS (CEKSG)'s long position.| Gol Intelligent vs. Meiko Electronics Co | ||
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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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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