Correlation Between Gouverneur Bancorp and Appgate
Can any of the company-specific risk be diversified away by investing in both Gouverneur Bancorp and Appgate 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 Gouverneur Bancorp and Appgate into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gouverneur Bancorp and Appgate, you can compare the effects of market volatilities on Gouverneur Bancorp and Appgate 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 Gouverneur Bancorp with a short position of Appgate. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gouverneur Bancorp and Appgate.
Diversification Opportunities for Gouverneur Bancorp and Appgate
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gouverneur and Appgate is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Gouverneur Bancorp and Appgate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Appgate and Gouverneur Bancorp 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 Gouverneur Bancorp are associated (or correlated) with Appgate. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Appgate has no effect on the direction of Gouverneur Bancorp i.e., Gouverneur Bancorp and Appgate go up and down completely randomly.
Pair Corralation between Gouverneur Bancorp and Appgate
If you would invest 1,117 in Gouverneur Bancorp on September 1, 2024 and sell it today you would earn a total of 104.00 from holding Gouverneur Bancorp or generate 9.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.76% |
| Values | Daily Returns |
Gouverneur Bancorp vs. Appgate
Performance |
| Timeline |
| Gouverneur Bancorp |
| Appgate |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Gouverneur Bancorp and Appgate Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gouverneur Bancorp and Appgate
The main advantage of trading using opposite Gouverneur Bancorp and Appgate positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gouverneur Bancorp position performs unexpectedly, Appgate 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 Appgate will offset losses from the drop in Appgate's long position.The idea behind Gouverneur Bancorp and Appgate pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| Appgate vs. Tingo Inc | Appgate vs. Palo Alto Networks | Appgate vs. Palantir Technologies Class | Appgate vs. Arax Holdings Corp |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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