Correlation Between Golden Ventures and Ally Leasehold
Can any of the company-specific risk be diversified away by investing in both Golden Ventures and Ally Leasehold 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 Golden Ventures and Ally Leasehold into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Golden Ventures Leasehold and Ally Leasehold Real, you can compare the effects of market volatilities on Golden Ventures and Ally Leasehold 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 Golden Ventures with a short position of Ally Leasehold. Check out your portfolio center. Please also check ongoing floating volatility patterns of Golden Ventures and Ally Leasehold.
Diversification Opportunities for Golden Ventures and Ally Leasehold
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Golden and Ally is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding Golden Ventures Leasehold and Ally Leasehold Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ally Leasehold Real and Golden Ventures 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 Golden Ventures Leasehold are associated (or correlated) with Ally Leasehold. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ally Leasehold Real has no effect on the direction of Golden Ventures i.e., Golden Ventures and Ally Leasehold go up and down completely randomly.
Pair Corralation between Golden Ventures and Ally Leasehold
Assuming the 90 days trading horizon Golden Ventures Leasehold is expected to under-perform the Ally Leasehold. But the stock apears to be less risky and, when comparing its historical volatility, Golden Ventures Leasehold is 1.44 times less risky than Ally Leasehold. The stock trades about -0.08 of its potential returns per unit of risk. The Ally Leasehold Real is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 525.00 in Ally Leasehold Real on October 7, 2024 and sell it today you would earn a total of 10.00 from holding Ally Leasehold Real or generate 1.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Golden Ventures Leasehold vs. Ally Leasehold Real
Performance |
| Timeline |
| Golden Ventures Leasehold |
| Ally Leasehold Real |
Golden Ventures and Ally Leasehold Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Golden Ventures and Ally Leasehold
The main advantage of trading using opposite Golden Ventures and Ally Leasehold positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Golden Ventures position performs unexpectedly, Ally Leasehold 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 Ally Leasehold will offset losses from the drop in Ally Leasehold's long position.| Golden Ventures vs. Impact Growth REIT | Golden Ventures vs. CPN Retail Growth | Golden Ventures vs. WHA Premium Growth | Golden Ventures vs. LH Shopping Centers |
| Ally Leasehold vs. AIM Industrial Growth | Ally Leasehold vs. Dusit Thani Freehold | Ally Leasehold vs. CPN Retail Growth | Ally Leasehold vs. Amata Summit Growth |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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