Correlation Between Genomma Lab and Grupo Comercial
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By analyzing existing cross correlation between Genomma Lab Internacional and Grupo Comercial Chedraui, you can compare the effects of market volatilities on Genomma Lab and Grupo Comercial 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 Genomma Lab with a short position of Grupo Comercial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Genomma Lab and Grupo Comercial.
Diversification Opportunities for Genomma Lab and Grupo Comercial
-0.88 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Genomma and Grupo is -0.88. Overlapping area represents the amount of risk that can be diversified away by holding Genomma Lab Internacional and Grupo Comercial Chedraui in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Comercial Chedraui and Genomma Lab 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 Genomma Lab Internacional are associated (or correlated) with Grupo Comercial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Comercial Chedraui has no effect on the direction of Genomma Lab i.e., Genomma Lab and Grupo Comercial go up and down completely randomly.
Pair Corralation between Genomma Lab and Grupo Comercial
Assuming the 90 days trading horizon Genomma Lab Internacional is expected to generate 1.5 times more return on investment than Grupo Comercial. However, Genomma Lab is 1.5 times more volatile than Grupo Comercial Chedraui. It trades about 0.09 of its potential returns per unit of risk. Grupo Comercial Chedraui is currently generating about 0.07 per unit of risk. If you would invest 1,400 in Genomma Lab Internacional on August 31, 2024 and sell it today you would earn a total of 1,317 from holding Genomma Lab Internacional or generate 94.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 99.73% |
| Values | Daily Returns |
Genomma Lab Internacional vs. Grupo Comercial Chedraui
Performance |
| Timeline |
| Genomma Lab Internacional |
| Grupo Comercial Chedraui |
Genomma Lab and Grupo Comercial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Genomma Lab and Grupo Comercial
The main advantage of trading using opposite Genomma Lab and Grupo Comercial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Genomma Lab position performs unexpectedly, Grupo Comercial 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 Grupo Comercial will offset losses from the drop in Grupo Comercial's long position.| Genomma Lab vs. Gruma SAB de | Genomma Lab vs. Alfa SAB de | Genomma Lab vs. Kimberly Clark de Mxico | Genomma Lab vs. Grupo Mxico SAB |
| Grupo Comercial vs. Genomma Lab Internacional | Grupo Comercial vs. El Puerto de | Grupo Comercial vs. Kimberly Clark de Mxico |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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