Correlation Between Gaztransport Technigaz and GECI International
Can any of the company-specific risk be diversified away by investing in both Gaztransport Technigaz and GECI International 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 Gaztransport Technigaz and GECI International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gaztransport Technigaz SAS and GECI International SA, you can compare the effects of market volatilities on Gaztransport Technigaz and GECI International 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 Gaztransport Technigaz with a short position of GECI International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gaztransport Technigaz and GECI International.
Diversification Opportunities for Gaztransport Technigaz and GECI International
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gaztransport and GECI is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gaztransport Technigaz SAS and GECI International SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GECI International and Gaztransport Technigaz 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 Gaztransport Technigaz SAS are associated (or correlated) with GECI International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GECI International has no effect on the direction of Gaztransport Technigaz i.e., Gaztransport Technigaz and GECI International go up and down completely randomly.
Pair Corralation between Gaztransport Technigaz and GECI International
If you would invest 13,566 in Gaztransport Technigaz SAS on December 8, 2024 and sell it today you would earn a total of 484.00 from holding Gaztransport Technigaz SAS or generate 3.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Gaztransport Technigaz SAS vs. GECI International SA
Performance |
| Timeline |
| Gaztransport Technigaz |
| GECI International |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Gaztransport Technigaz and GECI International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gaztransport Technigaz and GECI International
The main advantage of trading using opposite Gaztransport Technigaz and GECI International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gaztransport Technigaz position performs unexpectedly, GECI International 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 GECI International will offset losses from the drop in GECI International's long position.| Gaztransport Technigaz vs. Rubis SCA | Gaztransport Technigaz vs. Teleperformance SE | Gaztransport Technigaz vs. Sartorius Stedim Biotech | Gaztransport Technigaz vs. Nexity |
| GECI International vs. Affluent Medical SAS | GECI International vs. Aures Technologies SA | GECI International vs. Veolia Environnement VE | GECI International vs. Air France KLM SA |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Money Managers Screen money managers from public funds and ETFs managed around the world | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |