Correlation Between Gol Intelligent and Fuji Media
Can any of the company-specific risk be diversified away by investing in both Gol Intelligent and Fuji Media 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 Fuji Media 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 Fuji Media Holdings, you can compare the effects of market volatilities on Gol Intelligent and Fuji Media 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 Fuji Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gol Intelligent and Fuji Media.
Diversification Opportunities for Gol Intelligent and Fuji Media
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gol and Fuji is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gol Intelligent Airlines and Fuji Media Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fuji Media Holdings 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 Fuji Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fuji Media Holdings has no effect on the direction of Gol Intelligent i.e., Gol Intelligent and Fuji Media go up and down completely randomly.
Pair Corralation between Gol Intelligent and Fuji Media
Assuming the 90 days trading horizon Gol Intelligent Airlines is expected to under-perform the Fuji Media. In addition to that, Gol Intelligent is 3.67 times more volatile than Fuji Media Holdings. It trades about 0.0 of its total potential returns per unit of risk. Fuji Media Holdings is currently generating about 0.07 per unit of volatility. If you would invest 740.00 in Fuji Media Holdings on November 2, 2024 and sell it today you would earn a total of 660.00 from holding Fuji Media Holdings or generate 89.19% 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. Fuji Media Holdings
Performance |
| Timeline |
| Gol Intelligent Airlines |
| Fuji Media Holdings |
Gol Intelligent and Fuji Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gol Intelligent and Fuji Media
The main advantage of trading using opposite Gol Intelligent and Fuji Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gol Intelligent position performs unexpectedly, Fuji Media 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 Fuji Media will offset losses from the drop in Fuji Media's long position.| Gol Intelligent vs. DAIRY FARM INTL | Gol Intelligent vs. PATTIES FOODS | Gol Intelligent vs. Penta Ocean Construction Co | Gol Intelligent vs. North American Construction |
| Fuji Media vs. X FAB Silicon Foundries | Fuji Media vs. RCI Hospitality Holdings | Fuji Media vs. KINGBOARD CHEMICAL | Fuji Media vs. CHEMICAL INDUSTRIES |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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