Correlation Between Goldman Sachs and Asg Managed
Can any of the company-specific risk be diversified away by investing in both Goldman Sachs and Asg Managed 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 Goldman Sachs and Asg Managed into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Goldman Sachs Large and Asg Managed Futures, you can compare the effects of market volatilities on Goldman Sachs and Asg Managed 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 Goldman Sachs with a short position of Asg Managed. Check out your portfolio center. Please also check ongoing floating volatility patterns of Goldman Sachs and Asg Managed.
Diversification Opportunities for Goldman Sachs and Asg Managed
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Goldman and Asg is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding Goldman Sachs Large and Asg Managed Futures in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Asg Managed Futures and Goldman Sachs 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 Goldman Sachs Large are associated (or correlated) with Asg Managed. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Asg Managed Futures has no effect on the direction of Goldman Sachs i.e., Goldman Sachs and Asg Managed go up and down completely randomly.
Pair Corralation between Goldman Sachs and Asg Managed
Assuming the 90 days horizon Goldman Sachs Large is expected to generate 0.97 times more return on investment than Asg Managed. However, Goldman Sachs Large is 1.03 times less risky than Asg Managed. It trades about 0.15 of its potential returns per unit of risk. Asg Managed Futures is currently generating about -0.04 per unit of risk. If you would invest 1,436 in Goldman Sachs Large on September 1, 2024 and sell it today you would earn a total of 444.00 from holding Goldman Sachs Large or generate 30.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Goldman Sachs Large vs. Asg Managed Futures
Performance |
| Timeline |
| Goldman Sachs Large |
| Asg Managed Futures |
Goldman Sachs and Asg Managed Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Goldman Sachs and Asg Managed
The main advantage of trading using opposite Goldman Sachs and Asg Managed positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Goldman Sachs position performs unexpectedly, Asg Managed 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 Asg Managed will offset losses from the drop in Asg Managed's long position.| Goldman Sachs vs. Goldman Sachs Clean | Goldman Sachs vs. Goldman Sachs Clean | Goldman Sachs vs. Goldman Sachs Clean | Goldman Sachs vs. Goldman Sachs Clean |
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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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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