Correlation Between Global Payment and Delphax Technologies
Can any of the company-specific risk be diversified away by investing in both Global Payment and Delphax Technologies 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 Global Payment and Delphax Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Global Payment Technologies and Delphax Technologies, you can compare the effects of market volatilities on Global Payment and Delphax Technologies 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 Global Payment with a short position of Delphax Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Payment and Delphax Technologies.
Diversification Opportunities for Global Payment and Delphax Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Global and Delphax is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Global Payment Technologies and Delphax Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Delphax Technologies and Global Payment 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 Global Payment Technologies are associated (or correlated) with Delphax Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Delphax Technologies has no effect on the direction of Global Payment i.e., Global Payment and Delphax Technologies go up and down completely randomly.
Pair Corralation between Global Payment and Delphax Technologies
If you would invest 3.60 in Delphax Technologies on October 25, 2024 and sell it today you would earn a total of 0.00 from holding Delphax Technologies or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Global Payment Technologies vs. Delphax Technologies
Performance |
| Timeline |
| Global Payment Techn |
| Delphax Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Global Payment and Delphax Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global Payment and Delphax Technologies
The main advantage of trading using opposite Global Payment and Delphax Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Payment position performs unexpectedly, Delphax Technologies 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 Delphax Technologies will offset losses from the drop in Delphax Technologies' long position.| Global Payment vs. GE Vernova LLC | Global Payment vs. Western Midstream Partners | Global Payment vs. Atmos Energy | Global Payment vs. CenterPoint Energy |
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 Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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