Correlation Between Grow Solutions and Icon Media
Can any of the company-specific risk be diversified away by investing in both Grow Solutions and Icon Media 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 Grow Solutions and Icon Media into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Grow Solutions Holdings and Icon Media Holdings, you can compare the effects of market volatilities on Grow Solutions and Icon Media 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 Grow Solutions with a short position of Icon Media. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grow Solutions and Icon Media.
Diversification Opportunities for Grow Solutions and Icon Media
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Grow and Icon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Grow Solutions Holdings and Icon Media Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Icon Media Holdings and Grow Solutions 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 Grow Solutions Holdings are associated (or correlated) with Icon Media. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Icon Media Holdings has no effect on the direction of Grow Solutions i.e., Grow Solutions and Icon Media go up and down completely randomly.
Pair Corralation between Grow Solutions and Icon Media
If you would invest 0.04 in Icon Media Holdings on August 29, 2024 and sell it today you would lose (0.01) from holding Icon Media Holdings or give up 25.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.62% |
| Values | Daily Returns |
Grow Solutions Holdings vs. Icon Media Holdings
Performance |
| Timeline |
| Grow Solutions Holdings |
| Icon Media Holdings |
Grow Solutions and Icon Media Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grow Solutions and Icon Media
The main advantage of trading using opposite Grow Solutions and Icon Media positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grow Solutions position performs unexpectedly, Icon Media 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 Icon Media will offset losses from the drop in Icon Media's long position.| Grow Solutions vs. Buhler Industries | Grow Solutions vs. Austin Engineering Limited | Grow Solutions vs. Ag Growth International | Grow Solutions vs. Textainer Group Holdings |
| Icon Media vs. Eline Entertainment Group | Icon Media vs. Green Leaf Innovations | Icon Media vs. Plandai Biotech | Icon Media vs. All American Gld |
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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