Correlation Between Intel and GREENX METALS
Can any of the company-specific risk be diversified away by investing in both Intel and GREENX METALS 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 Intel and GREENX METALS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Intel and GREENX METALS LTD, you can compare the effects of market volatilities on Intel and GREENX METALS 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 Intel with a short position of GREENX METALS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and GREENX METALS.
Diversification Opportunities for Intel and GREENX METALS
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Intel and GREENX is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Intel and GREENX METALS LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GREENX METALS LTD and Intel 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 Intel are associated (or correlated) with GREENX METALS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GREENX METALS LTD has no effect on the direction of Intel i.e., Intel and GREENX METALS go up and down completely randomly.
Pair Corralation between Intel and GREENX METALS
Assuming the 90 days trading horizon Intel is expected to generate 1.03 times more return on investment than GREENX METALS. However, Intel is 1.03 times more volatile than GREENX METALS LTD. It trades about 0.15 of its potential returns per unit of risk. GREENX METALS LTD is currently generating about 0.07 per unit of risk. If you would invest 1,932 in Intel on November 28, 2024 and sell it today you would earn a total of 416.00 from holding Intel or generate 21.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 97.56% |
| Values | Daily Returns |
Intel vs. GREENX METALS LTD
Performance |
| Timeline |
| Intel |
| GREENX METALS LTD |
Intel and GREENX METALS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and GREENX METALS
The main advantage of trading using opposite Intel and GREENX METALS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, GREENX METALS 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 GREENX METALS will offset losses from the drop in GREENX METALS's long position.| Intel vs. Plastic Omnium | Intel vs. Heidelberg Materials AG | Intel vs. Hyster Yale Materials Handling | Intel vs. AWILCO DRILLING PLC |
| GREENX METALS vs. Carsales | GREENX METALS vs. Apollo Investment Corp | GREENX METALS vs. Keck Seng Investments | GREENX METALS vs. HK Electric Investments |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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