Correlation Between Graphic Packaging and Tupperware Brands
Can any of the company-specific risk be diversified away by investing in both Graphic Packaging and Tupperware Brands 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 Graphic Packaging and Tupperware Brands into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Graphic Packaging Holding and Tupperware Brands, you can compare the effects of market volatilities on Graphic Packaging and Tupperware Brands 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 Graphic Packaging with a short position of Tupperware Brands. Check out your portfolio center. Please also check ongoing floating volatility patterns of Graphic Packaging and Tupperware Brands.
Diversification Opportunities for Graphic Packaging and Tupperware Brands
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Graphic and Tupperware is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Graphic Packaging Holding and Tupperware Brands in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tupperware Brands and Graphic Packaging 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 Graphic Packaging Holding are associated (or correlated) with Tupperware Brands. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tupperware Brands has no effect on the direction of Graphic Packaging i.e., Graphic Packaging and Tupperware Brands go up and down completely randomly.
Pair Corralation between Graphic Packaging and Tupperware Brands
If you would invest 6.00 in Tupperware Brands on August 25, 2024 and sell it today you would earn a total of 0.00 from holding Tupperware Brands or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Graphic Packaging Holding vs. Tupperware Brands
Performance |
| Timeline |
| Graphic Packaging Holding |
| Tupperware Brands |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Graphic Packaging and Tupperware Brands Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Graphic Packaging and Tupperware Brands
The main advantage of trading using opposite Graphic Packaging and Tupperware Brands positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Graphic Packaging position performs unexpectedly, Tupperware Brands 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 Tupperware Brands will offset losses from the drop in Tupperware Brands' long position.| Graphic Packaging vs. Ball Corporation | Graphic Packaging vs. Silgan Holdings | Graphic Packaging vs. Sonoco Products | Graphic Packaging vs. Reynolds Consumer Products |
| Tupperware Brands vs. Millennium Group International | Tupperware Brands vs. Sonoco Products | Tupperware Brands vs. Sealed Air | Tupperware Brands vs. Alliance Creative Gr |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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