Correlation Between Golden Ventures and CPN Retail
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By analyzing existing cross correlation between Golden Ventures Leasehold and CPN Retail Growth, you can compare the effects of market volatilities on Golden Ventures and CPN Retail 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 CPN Retail. Check out your portfolio center. Please also check ongoing floating volatility patterns of Golden Ventures and CPN Retail.
Diversification Opportunities for Golden Ventures and CPN Retail
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Golden and CPN is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding Golden Ventures Leasehold and CPN Retail Growth in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CPN Retail Growth 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 CPN Retail. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CPN Retail Growth has no effect on the direction of Golden Ventures i.e., Golden Ventures and CPN Retail go up and down completely randomly.
Pair Corralation between Golden Ventures and CPN Retail
Assuming the 90 days trading horizon Golden Ventures is expected to generate 1.64 times less return on investment than CPN Retail. In addition to that, Golden Ventures is 1.06 times more volatile than CPN Retail Growth. It trades about 0.05 of its total potential returns per unit of risk. CPN Retail Growth is currently generating about 0.08 per unit of volatility. If you would invest 1,188 in CPN Retail Growth on September 1, 2024 and sell it today you would earn a total of 32.00 from holding CPN Retail Growth or generate 2.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Golden Ventures Leasehold vs. CPN Retail Growth
Performance |
| Timeline |
| Golden Ventures Leasehold |
| CPN Retail Growth |
Golden Ventures and CPN Retail Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Golden Ventures and CPN Retail
The main advantage of trading using opposite Golden Ventures and CPN Retail positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Golden Ventures position performs unexpectedly, CPN Retail 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 CPN Retail will offset losses from the drop in CPN Retail'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 |
| CPN Retail vs. LH Shopping Centers | CPN Retail vs. Land and Houses | CPN Retail vs. Quality Houses Property | CPN Retail vs. Impact Growth REIT |
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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