Correlation Between Glacier Media and Genesis Land
Can any of the company-specific risk be diversified away by investing in both Glacier Media and Genesis Land 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 Glacier Media and Genesis Land into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Glacier Media and Genesis Land Development, you can compare the effects of market volatilities on Glacier Media and Genesis Land 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 Glacier Media with a short position of Genesis Land. Check out your portfolio center. Please also check ongoing floating volatility patterns of Glacier Media and Genesis Land.
Diversification Opportunities for Glacier Media and Genesis Land
0.54 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Glacier and Genesis is 0.54. Overlapping area represents the amount of risk that can be diversified away by holding Glacier Media and Genesis Land Development in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genesis Land Development and Glacier Media 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 Glacier Media are associated (or correlated) with Genesis Land. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genesis Land Development has no effect on the direction of Glacier Media i.e., Glacier Media and Genesis Land go up and down completely randomly.
Pair Corralation between Glacier Media and Genesis Land
Assuming the 90 days trading horizon Glacier Media is expected to generate 4.22 times more return on investment than Genesis Land. However, Glacier Media is 4.22 times more volatile than Genesis Land Development. It trades about 0.16 of its potential returns per unit of risk. Genesis Land Development is currently generating about -0.07 per unit of risk. If you would invest 12.00 in Glacier Media on August 28, 2024 and sell it today you would earn a total of 3.00 from holding Glacier Media or generate 25.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Glacier Media vs. Genesis Land Development
Performance |
| Timeline |
| Glacier Media |
| Genesis Land Development |
Glacier Media and Genesis Land Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Glacier Media and Genesis Land
The main advantage of trading using opposite Glacier Media and Genesis Land positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Glacier Media position performs unexpectedly, Genesis Land 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 Genesis Land will offset losses from the drop in Genesis Land's long position.| Glacier Media vs. Genesis Land Development | Glacier Media vs. ADF Group | Glacier Media vs. Madison Pacific Properties | Glacier Media vs. Goodfellow |
| Genesis Land vs. Melcor Developments | Genesis Land vs. Mainstreet Equity Corp | Genesis Land vs. Madison Pacific Properties | Genesis Land vs. Morguard |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |