Correlation Between Integrity Dividend and Guinness Atkinson
Can any of the company-specific risk be diversified away by investing in both Integrity Dividend and Guinness Atkinson 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 Integrity Dividend and Guinness Atkinson into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Integrity Dividend Harvest and Guinness Atkinson Global, you can compare the effects of market volatilities on Integrity Dividend and Guinness Atkinson 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 Integrity Dividend with a short position of Guinness Atkinson. Check out your portfolio center. Please also check ongoing floating volatility patterns of Integrity Dividend and Guinness Atkinson.
Diversification Opportunities for Integrity Dividend and Guinness Atkinson
-0.01 | Correlation Coefficient |
Good diversification
The 3 months correlation between Integrity and Guinness is -0.01. Overlapping area represents the amount of risk that can be diversified away by holding Integrity Dividend Harvest and Guinness Atkinson Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Guinness Atkinson Global and Integrity Dividend 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 Integrity Dividend Harvest are associated (or correlated) with Guinness Atkinson. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Guinness Atkinson Global has no effect on the direction of Integrity Dividend i.e., Integrity Dividend and Guinness Atkinson go up and down completely randomly.
Pair Corralation between Integrity Dividend and Guinness Atkinson
Assuming the 90 days horizon Integrity Dividend Harvest is expected to generate 0.63 times more return on investment than Guinness Atkinson. However, Integrity Dividend Harvest is 1.59 times less risky than Guinness Atkinson. It trades about 0.18 of its potential returns per unit of risk. Guinness Atkinson Global is currently generating about 0.03 per unit of risk. If you would invest 1,517 in Integrity Dividend Harvest on August 25, 2024 and sell it today you would earn a total of 493.00 from holding Integrity Dividend Harvest or generate 32.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Integrity Dividend Harvest vs. Guinness Atkinson Global
Performance |
| Timeline |
| Integrity Dividend |
| Guinness Atkinson Global |
Integrity Dividend and Guinness Atkinson Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Integrity Dividend and Guinness Atkinson
The main advantage of trading using opposite Integrity Dividend and Guinness Atkinson positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Integrity Dividend position performs unexpectedly, Guinness Atkinson 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 Guinness Atkinson will offset losses from the drop in Guinness Atkinson's long position.| Integrity Dividend vs. Integrity Dividend Summit | Integrity Dividend vs. Integrity Dividend Summit | Integrity Dividend vs. Nebraska Municipal Fund | Integrity Dividend vs. Nebraska Municipal Fund |
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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