Correlation Between Globavend Holdings and Genfit
Can any of the company-specific risk be diversified away by investing in both Globavend Holdings and Genfit 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 Globavend Holdings and Genfit into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Globavend Holdings Limited and Genfit, you can compare the effects of market volatilities on Globavend Holdings and Genfit 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 Globavend Holdings with a short position of Genfit. Check out your portfolio center. Please also check ongoing floating volatility patterns of Globavend Holdings and Genfit.
Diversification Opportunities for Globavend Holdings and Genfit
0.43 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Globavend and Genfit is 0.43. Overlapping area represents the amount of risk that can be diversified away by holding Globavend Holdings Limited and Genfit in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genfit and Globavend Holdings 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 Globavend Holdings Limited are associated (or correlated) with Genfit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genfit has no effect on the direction of Globavend Holdings i.e., Globavend Holdings and Genfit go up and down completely randomly.
Pair Corralation between Globavend Holdings and Genfit
If you would invest 450.00 in Genfit on November 6, 2024 and sell it today you would lose (77.00) from holding Genfit or give up 17.11% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 0.2% |
| Values | Daily Returns |
Globavend Holdings Limited vs. Genfit
Performance |
| Timeline |
| Globavend Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Genfit |
Globavend Holdings and Genfit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Globavend Holdings and Genfit
The main advantage of trading using opposite Globavend Holdings and Genfit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Globavend Holdings position performs unexpectedly, Genfit 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 Genfit will offset losses from the drop in Genfit's long position.| Globavend Holdings vs. Chemours Co | Globavend Holdings vs. Rocky Brands | Globavend Holdings vs. ioneer Ltd American | Globavend Holdings vs. Minerals Technologies |
| Genfit vs. CytomX Therapeutics | Genfit vs. Instil Bio | Genfit vs. Spero Therapeutics | Genfit vs. Assembly Biosciences |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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