Correlation Between GRPH Old and Field Trip
Can any of the company-specific risk be diversified away by investing in both GRPH Old and Field Trip 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 GRPH Old and Field Trip into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GRPH Old and Field Trip Health, you can compare the effects of market volatilities on GRPH Old and Field Trip 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 GRPH Old with a short position of Field Trip. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRPH Old and Field Trip.
Diversification Opportunities for GRPH Old and Field Trip
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GRPH and Field is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GRPH Old and Field Trip Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Field Trip Health and GRPH Old 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 GRPH Old are associated (or correlated) with Field Trip. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Field Trip Health has no effect on the direction of GRPH Old i.e., GRPH Old and Field Trip go up and down completely randomly.
Pair Corralation between GRPH Old and Field Trip
If you would invest 4.12 in Field Trip Health on October 26, 2024 and sell it today you would earn a total of 0.00 from holding Field Trip Health or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
GRPH Old vs. Field Trip Health
Performance |
| Timeline |
| GRPH Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Field Trip Health |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
GRPH Old and Field Trip Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GRPH Old and Field Trip
The main advantage of trading using opposite GRPH Old and Field Trip positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRPH Old position performs unexpectedly, Field Trip 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 Field Trip will offset losses from the drop in Field Trip's long position.| GRPH Old vs. Assembly Biosciences | GRPH Old vs. Instil Bio | GRPH Old vs. Nuvation Bio | GRPH Old vs. Achilles Therapeutics PLC |
| Field Trip vs. Rasna Therapeutics | Field Trip vs. Kane Biotech | Field Trip vs. SAB Biotherapeutics | Field Trip vs. India Globalization Capital |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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