Correlation Between Grupo Profuturo and CMR SAB
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By analyzing existing cross correlation between Grupo Profuturo SAB and CMR SAB de, you can compare the effects of market volatilities on Grupo Profuturo and CMR SAB 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 Grupo Profuturo with a short position of CMR SAB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Profuturo and CMR SAB.
Diversification Opportunities for Grupo Profuturo and CMR SAB
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Grupo and CMR is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Profuturo SAB and CMR SAB de in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CMR SAB de and Grupo Profuturo 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 Grupo Profuturo SAB are associated (or correlated) with CMR SAB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CMR SAB de has no effect on the direction of Grupo Profuturo i.e., Grupo Profuturo and CMR SAB go up and down completely randomly.
Pair Corralation between Grupo Profuturo and CMR SAB
Assuming the 90 days trading horizon Grupo Profuturo SAB is expected to generate 0.4 times more return on investment than CMR SAB. However, Grupo Profuturo SAB is 2.51 times less risky than CMR SAB. It trades about 0.08 of its potential returns per unit of risk. CMR SAB de is currently generating about -0.05 per unit of risk. If you would invest 6,649 in Grupo Profuturo SAB on September 19, 2024 and sell it today you would earn a total of 3,351 from holding Grupo Profuturo SAB or generate 50.4% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 99.8% |
Values | Daily Returns |
Grupo Profuturo SAB vs. CMR SAB de
Performance |
Timeline |
Grupo Profuturo SAB |
CMR SAB de |
Grupo Profuturo and CMR SAB Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Grupo Profuturo and CMR SAB
The main advantage of trading using opposite Grupo Profuturo and CMR SAB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Profuturo position performs unexpectedly, CMR SAB 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 CMR SAB will offset losses from the drop in CMR SAB's long position.Grupo Profuturo vs. Samsung Electronics Co | Grupo Profuturo vs. Sony Group | Grupo Profuturo vs. Taiwan Semiconductor Manufacturing | Grupo Profuturo vs. Alibaba Group Holding |
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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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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