Correlation Between Joint Stock and GobiMin
Can any of the company-specific risk be diversified away by investing in both Joint Stock and GobiMin 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 Joint Stock and GobiMin into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Joint Stock and GobiMin, you can compare the effects of market volatilities on Joint Stock and GobiMin 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 Joint Stock with a short position of GobiMin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Joint Stock and GobiMin.
Diversification Opportunities for Joint Stock and GobiMin
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Joint and GobiMin is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Joint Stock and GobiMin in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GobiMin and Joint Stock 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 Joint Stock are associated (or correlated) with GobiMin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GobiMin has no effect on the direction of Joint Stock i.e., Joint Stock and GobiMin go up and down completely randomly.
Pair Corralation between Joint Stock and GobiMin
If you would invest 127.00 in GobiMin on September 3, 2024 and sell it today you would earn a total of 0.00 from holding GobiMin or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 1.56% |
| Values | Daily Returns |
Joint Stock vs. GobiMin
Performance |
| Timeline |
| Joint Stock |
| GobiMin |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Joint Stock and GobiMin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Joint Stock and GobiMin
The main advantage of trading using opposite Joint Stock and GobiMin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Joint Stock position performs unexpectedly, GobiMin 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 GobiMin will offset losses from the drop in GobiMin's long position.| Joint Stock vs. Microbot Medical | Joint Stock vs. Pearson PLC ADR | Joint Stock vs. HNI Corp | Joint Stock vs. Franklin Wireless Corp |
| GobiMin vs. Proficient Auto Logistics, | GobiMin vs. Hafnia Limited | GobiMin vs. Alvotech | GobiMin vs. Omni Health |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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