Correlation Between Inpex Corp and Global X
Can any of the company-specific risk be diversified away by investing in both Inpex Corp and Global X 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 Inpex Corp and Global X into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Inpex Corp ADR and Global X Autonomous, you can compare the effects of market volatilities on Inpex Corp and Global X 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 Inpex Corp with a short position of Global X. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inpex Corp and Global X.
Diversification Opportunities for Inpex Corp and Global X
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Inpex and Global is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Inpex Corp ADR and Global X Autonomous in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global X Autonomous and Inpex Corp 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 Inpex Corp ADR are associated (or correlated) with Global X. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global X Autonomous has no effect on the direction of Inpex Corp i.e., Inpex Corp and Global X go up and down completely randomly.
Pair Corralation between Inpex Corp and Global X
Assuming the 90 days horizon Inpex Corp ADR is expected to under-perform the Global X. In addition to that, Inpex Corp is 1.31 times more volatile than Global X Autonomous. It trades about -0.07 of its total potential returns per unit of risk. Global X Autonomous is currently generating about 0.1 per unit of volatility. If you would invest 2,177 in Global X Autonomous on September 3, 2024 and sell it today you would earn a total of 188.00 from holding Global X Autonomous or generate 8.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Inpex Corp ADR vs. Global X Autonomous
Performance |
| Timeline |
| Inpex Corp ADR |
| Global X Autonomous |
Inpex Corp and Global X Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inpex Corp and Global X
The main advantage of trading using opposite Inpex Corp and Global X positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inpex Corp position performs unexpectedly, Global X 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 Global X will offset losses from the drop in Global X's long position.| Inpex Corp vs. San Leon Energy | Inpex Corp vs. Enwell Energy plc | Inpex Corp vs. Dno ASA | Inpex Corp vs. Questerre Energy |
| Global X vs. Managed Account Series | Global X vs. Fidelity Sai International | Global X vs. Schwab Strategic Trust | Global X vs. Inpex Corp ADR |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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