Correlation Between Impact Growth and Grande Hospitality
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By analyzing existing cross correlation between Impact Growth REIT and Grande Hospitality Real, you can compare the effects of market volatilities on Impact Growth and Grande Hospitality 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 Impact Growth with a short position of Grande Hospitality. Check out your portfolio center. Please also check ongoing floating volatility patterns of Impact Growth and Grande Hospitality.
Diversification Opportunities for Impact Growth and Grande Hospitality
0.68 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Impact and Grande is 0.68. Overlapping area represents the amount of risk that can be diversified away by holding Impact Growth REIT and Grande Hospitality Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grande Hospitality Real and Impact Growth 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 Impact Growth REIT are associated (or correlated) with Grande Hospitality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grande Hospitality Real has no effect on the direction of Impact Growth i.e., Impact Growth and Grande Hospitality go up and down completely randomly.
Pair Corralation between Impact Growth and Grande Hospitality
Assuming the 90 days trading horizon Impact Growth is expected to generate 1.04 times less return on investment than Grande Hospitality. In addition to that, Impact Growth is 1.45 times more volatile than Grande Hospitality Real. It trades about 0.03 of its total potential returns per unit of risk. Grande Hospitality Real is currently generating about 0.04 per unit of volatility. If you would invest 620.00 in Grande Hospitality Real on September 1, 2024 and sell it today you would earn a total of 30.00 from holding Grande Hospitality Real or generate 4.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.2% |
| Values | Daily Returns |
Impact Growth REIT vs. Grande Hospitality Real
Performance |
| Timeline |
| Impact Growth REIT |
| Grande Hospitality Real |
Impact Growth and Grande Hospitality Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Impact Growth and Grande Hospitality
The main advantage of trading using opposite Impact Growth and Grande Hospitality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Impact Growth position performs unexpectedly, Grande Hospitality 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 Grande Hospitality will offset losses from the drop in Grande Hospitality's long position.| Impact Growth vs. CPN Retail Growth | Impact Growth vs. WHA Premium Growth | Impact Growth vs. Golden Ventures Leasehold | Impact Growth vs. LH Shopping Centers |
| Grande Hospitality vs. Warrix Sport PCL | Grande Hospitality vs. CHAOSUA FOODS INDUSTRY | Grande Hospitality vs. Food Moments PCL | Grande Hospitality vs. NSL Foods Public |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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