Correlation Between INTUITIVE SURGICAL and Groupama Entreprises
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By analyzing existing cross correlation between INTUITIVE SURGICAL and Groupama Entreprises N, you can compare the effects of market volatilities on INTUITIVE SURGICAL and Groupama Entreprises 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 INTUITIVE SURGICAL with a short position of Groupama Entreprises. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTUITIVE SURGICAL and Groupama Entreprises.
Diversification Opportunities for INTUITIVE SURGICAL and Groupama Entreprises
0.88 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between INTUITIVE and Groupama is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding INTUITIVE SURGICAL and Groupama Entreprises N in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Groupama Entreprises and INTUITIVE SURGICAL 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 INTUITIVE SURGICAL are associated (or correlated) with Groupama Entreprises. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Groupama Entreprises has no effect on the direction of INTUITIVE SURGICAL i.e., INTUITIVE SURGICAL and Groupama Entreprises go up and down completely randomly.
Pair Corralation between INTUITIVE SURGICAL and Groupama Entreprises
Assuming the 90 days trading horizon INTUITIVE SURGICAL is expected to generate 131.69 times more return on investment than Groupama Entreprises. However, INTUITIVE SURGICAL is 131.69 times more volatile than Groupama Entreprises N. It trades about 0.25 of its potential returns per unit of risk. Groupama Entreprises N is currently generating about 0.96 per unit of risk. If you would invest 47,005 in INTUITIVE SURGICAL on September 1, 2024 and sell it today you would earn a total of 4,195 from holding INTUITIVE SURGICAL or generate 8.92% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 95.65% |
| Values | Daily Returns |
INTUITIVE SURGICAL vs. Groupama Entreprises N
Performance |
| Timeline |
| INTUITIVE SURGICAL |
| Groupama Entreprises |
INTUITIVE SURGICAL and Groupama Entreprises Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTUITIVE SURGICAL and Groupama Entreprises
The main advantage of trading using opposite INTUITIVE SURGICAL and Groupama Entreprises positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTUITIVE SURGICAL position performs unexpectedly, Groupama Entreprises 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 Groupama Entreprises will offset losses from the drop in Groupama Entreprises' long position.| INTUITIVE SURGICAL vs. Gold Road Resources | INTUITIVE SURGICAL vs. Gaztransport Technigaz SA | INTUITIVE SURGICAL vs. COPLAND ROAD CAPITAL | INTUITIVE SURGICAL vs. Singapore Airlines Limited |
| Groupama Entreprises vs. Lyxor 1 | Groupama Entreprises vs. Xtrackers LevDAX | Groupama Entreprises vs. Xtrackers ShortDAX |
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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