Correlation Between GULF ENERGY and B GRIMM
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By analyzing existing cross correlation between GULF ENERGY DEVELOPMENT NVDR and B GRIMM POWER, you can compare the effects of market volatilities on GULF ENERGY and B GRIMM 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 GULF ENERGY with a short position of B GRIMM. Check out your portfolio center. Please also check ongoing floating volatility patterns of GULF ENERGY and B GRIMM.
Diversification Opportunities for GULF ENERGY and B GRIMM
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between GULF and BGRIM-R is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding GULF ENERGY DEVELOPMENT NVDR and B GRIMM POWER in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on B GRIMM POWER and GULF ENERGY 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 GULF ENERGY DEVELOPMENT NVDR are associated (or correlated) with B GRIMM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of B GRIMM POWER has no effect on the direction of GULF ENERGY i.e., GULF ENERGY and B GRIMM go up and down completely randomly.
Pair Corralation between GULF ENERGY and B GRIMM
Assuming the 90 days trading horizon GULF ENERGY DEVELOPMENT NVDR is expected to generate 0.56 times more return on investment than B GRIMM. However, GULF ENERGY DEVELOPMENT NVDR is 1.77 times less risky than B GRIMM. It trades about 0.07 of its potential returns per unit of risk. B GRIMM POWER is currently generating about -0.04 per unit of risk. If you would invest 4,662 in GULF ENERGY DEVELOPMENT NVDR on September 14, 2024 and sell it today you would earn a total of 1,588 from holding GULF ENERGY DEVELOPMENT NVDR or generate 34.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.59% |
| Values | Daily Returns |
GULF ENERGY DEVELOPMENT NVDR vs. B GRIMM POWER
Performance |
| Timeline |
| GULF ENERGY DEVELOPMENT |
| B GRIMM POWER |
GULF ENERGY and B GRIMM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GULF ENERGY and B GRIMM
The main advantage of trading using opposite GULF ENERGY and B GRIMM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GULF ENERGY position performs unexpectedly, B GRIMM 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 B GRIMM will offset losses from the drop in B GRIMM's long position.| GULF ENERGY vs. Super Energy | GULF ENERGY vs. The Erawan Group | GULF ENERGY vs. XSpring Capital Public | GULF ENERGY vs. Ditto Public |
| B GRIMM vs. BGrimm Power Public | B GRIMM vs. Bangkok Dusit Medical | B GRIMM vs. Electricity Generating Public | B GRIMM vs. PTT Public |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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