Correlation Between Growthpoint Properties and NewWave Silver
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By analyzing existing cross correlation between Growthpoint Properties and NewWave Silver Exchange, you can compare the effects of market volatilities on Growthpoint Properties and NewWave Silver 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 Growthpoint Properties with a short position of NewWave Silver. Check out your portfolio center. Please also check ongoing floating volatility patterns of Growthpoint Properties and NewWave Silver.
Diversification Opportunities for Growthpoint Properties and NewWave Silver
-0.6 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Growthpoint and NewWave is -0.6. Overlapping area represents the amount of risk that can be diversified away by holding Growthpoint Properties and NewWave Silver Exchange in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NewWave Silver Exchange and Growthpoint Properties 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 Growthpoint Properties are associated (or correlated) with NewWave Silver. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NewWave Silver Exchange has no effect on the direction of Growthpoint Properties i.e., Growthpoint Properties and NewWave Silver go up and down completely randomly.
Pair Corralation between Growthpoint Properties and NewWave Silver
Assuming the 90 days trading horizon Growthpoint Properties is expected to generate 0.84 times more return on investment than NewWave Silver. However, Growthpoint Properties is 1.19 times less risky than NewWave Silver. It trades about 0.08 of its potential returns per unit of risk. NewWave Silver Exchange is currently generating about 0.02 per unit of risk. If you would invest 108,849 in Growthpoint Properties on November 28, 2024 and sell it today you would earn a total of 20,851 from holding Growthpoint Properties or generate 19.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.46% |
| Values | Daily Returns |
Growthpoint Properties vs. NewWave Silver Exchange
Performance |
| Timeline |
| Growthpoint Properties |
| NewWave Silver Exchange |
Growthpoint Properties and NewWave Silver Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Growthpoint Properties and NewWave Silver
The main advantage of trading using opposite Growthpoint Properties and NewWave Silver positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Growthpoint Properties position performs unexpectedly, NewWave Silver 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 NewWave Silver will offset losses from the drop in NewWave Silver's long position.| Growthpoint Properties vs. Kap Industrial Holdings | Growthpoint Properties vs. CA Sales Holdings | Growthpoint Properties vs. Bytes Technology | Growthpoint Properties vs. Boxer Retail |
| NewWave Silver vs. NewWave Platinum Exchange | NewWave Silver vs. NewWave USD Currency | NewWave Silver vs. NewWave EUR Currency | NewWave Silver vs. NewWave GBP Currency |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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