Correlation Between Galexxy Holdings and Goodbody Health
Can any of the company-specific risk be diversified away by investing in both Galexxy Holdings and Goodbody Health 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 Galexxy Holdings and Goodbody Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Galexxy Holdings and Goodbody Health, you can compare the effects of market volatilities on Galexxy Holdings and Goodbody Health 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 Galexxy Holdings with a short position of Goodbody Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Galexxy Holdings and Goodbody Health.
Diversification Opportunities for Galexxy Holdings and Goodbody Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Galexxy and Goodbody is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Galexxy Holdings and Goodbody Health in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goodbody Health and Galexxy 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 Galexxy Holdings are associated (or correlated) with Goodbody Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goodbody Health has no effect on the direction of Galexxy Holdings i.e., Galexxy Holdings and Goodbody Health go up and down completely randomly.
Pair Corralation between Galexxy Holdings and Goodbody Health
Given the investment horizon of 90 days Galexxy Holdings is expected to under-perform the Goodbody Health. But the pink sheet apears to be less risky and, when comparing its historical volatility, Galexxy Holdings is 6.19 times less risky than Goodbody Health. The pink sheet trades about -0.02 of its potential returns per unit of risk. The Goodbody Health is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 0.00 in Goodbody Health on September 4, 2024 and sell it today you would earn a total of 0.00 from holding Goodbody Health or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Galexxy Holdings vs. Goodbody Health
Performance |
| Timeline |
| Galexxy Holdings |
| Goodbody Health |
Galexxy Holdings and Goodbody Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Galexxy Holdings and Goodbody Health
The main advantage of trading using opposite Galexxy Holdings and Goodbody Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Galexxy Holdings position performs unexpectedly, Goodbody Health 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 Goodbody Health will offset losses from the drop in Goodbody Health's long position.| Galexxy Holdings vs. Genesis Electronics Group | Galexxy Holdings vs. Nextmart | Galexxy Holdings vs. Emergent Health Corp | Galexxy Holdings vs. Goff Corp |
| Goodbody Health vs. Cann American Corp | Goodbody Health vs. Speakeasy Cannabis Club | Goodbody Health vs. Benchmark Botanics | Goodbody Health vs. Link Reservations |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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