Correlation Between Grand Vision and BW Offshore
Can any of the company-specific risk be diversified away by investing in both Grand Vision and BW Offshore 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 Grand Vision and BW Offshore into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Grand Vision Media and BW Offshore, you can compare the effects of market volatilities on Grand Vision and BW Offshore 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 Grand Vision with a short position of BW Offshore. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grand Vision and BW Offshore.
Diversification Opportunities for Grand Vision and BW Offshore
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Grand and 0RKH is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Grand Vision Media and BW Offshore in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BW Offshore and Grand Vision 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 Grand Vision Media are associated (or correlated) with BW Offshore. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BW Offshore has no effect on the direction of Grand Vision i.e., Grand Vision and BW Offshore go up and down completely randomly.
Pair Corralation between Grand Vision and BW Offshore
If you would invest 98.00 in Grand Vision Media on September 4, 2024 and sell it today you would earn a total of 0.00 from holding Grand Vision Media or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grand Vision Media vs. BW Offshore
Performance |
| Timeline |
| Grand Vision Media |
| BW Offshore |
Grand Vision and BW Offshore Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grand Vision and BW Offshore
The main advantage of trading using opposite Grand Vision and BW Offshore positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grand Vision position performs unexpectedly, BW Offshore 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 BW Offshore will offset losses from the drop in BW Offshore's long position.| Grand Vision vs. Samsung Electronics Co | Grand Vision vs. Samsung Electronics Co | Grand Vision vs. Hyundai Motor | Grand Vision vs. Toyota Motor Corp |
| BW Offshore vs. Grand Vision Media | BW Offshore vs. Infrastrutture Wireless Italiane | BW Offshore vs. Prosiebensat 1 Media | BW Offshore vs. MediaZest plc |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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