Correlation Between Hammerson PLC and Allan Gray
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By analyzing existing cross correlation between Hammerson PLC and Allan Gray Equity, you can compare the effects of market volatilities on Hammerson PLC and Allan Gray 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 Hammerson PLC with a short position of Allan Gray. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hammerson PLC and Allan Gray.
Diversification Opportunities for Hammerson PLC and Allan Gray
0.75 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Hammerson and Allan is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Hammerson PLC and Allan Gray Equity in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allan Gray Equity and Hammerson PLC 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 Hammerson PLC are associated (or correlated) with Allan Gray. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allan Gray Equity has no effect on the direction of Hammerson PLC i.e., Hammerson PLC and Allan Gray go up and down completely randomly.
Pair Corralation between Hammerson PLC and Allan Gray
Assuming the 90 days trading horizon Hammerson PLC is expected to under-perform the Allan Gray. In addition to that, Hammerson PLC is 2.4 times more volatile than Allan Gray Equity. It trades about -0.11 of its total potential returns per unit of risk. Allan Gray Equity is currently generating about 0.13 per unit of volatility. If you would invest 60,370 in Allan Gray Equity on September 12, 2024 and sell it today you would earn a total of 751.00 from holding Allan Gray Equity or generate 1.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hammerson PLC vs. Allan Gray Equity
Performance |
| Timeline |
| Hammerson PLC |
| Allan Gray Equity |
Hammerson PLC and Allan Gray Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hammerson PLC and Allan Gray
The main advantage of trading using opposite Hammerson PLC and Allan Gray positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hammerson PLC position performs unexpectedly, Allan Gray 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 Allan Gray will offset losses from the drop in Allan Gray's long position.| Hammerson PLC vs. Sasol Ltd Bee | Hammerson PLC vs. Centaur Bci Balanced | Hammerson PLC vs. Growthpoint Properties | Hammerson PLC vs. Coronation Global Equity |
| Allan Gray vs. Allan Gray orbis Global | Allan Gray vs. Allan Gray | Allan Gray vs. 4d Bci Moderate | Allan Gray vs. Coronation Global Optimum |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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