Correlation Between Gruppo Mutuionline and GRIFFIN MINING
Can any of the company-specific risk be diversified away by investing in both Gruppo Mutuionline and GRIFFIN MINING 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 Gruppo Mutuionline and GRIFFIN MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gruppo Mutuionline SpA and GRIFFIN MINING LTD, you can compare the effects of market volatilities on Gruppo Mutuionline and GRIFFIN MINING 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 Gruppo Mutuionline with a short position of GRIFFIN MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gruppo Mutuionline and GRIFFIN MINING.
Diversification Opportunities for Gruppo Mutuionline and GRIFFIN MINING
-0.2 | Correlation Coefficient |
Good diversification
The 3 months correlation between Gruppo and GRIFFIN is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Gruppo Mutuionline SpA and GRIFFIN MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIFFIN MINING LTD and Gruppo Mutuionline 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 Gruppo Mutuionline SpA are associated (or correlated) with GRIFFIN MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIFFIN MINING LTD has no effect on the direction of Gruppo Mutuionline i.e., Gruppo Mutuionline and GRIFFIN MINING go up and down completely randomly.
Pair Corralation between Gruppo Mutuionline and GRIFFIN MINING
Assuming the 90 days trading horizon Gruppo Mutuionline SpA is expected to under-perform the GRIFFIN MINING. But the stock apears to be less risky and, when comparing its historical volatility, Gruppo Mutuionline SpA is 2.5 times less risky than GRIFFIN MINING. The stock trades about -0.17 of its potential returns per unit of risk. The GRIFFIN MINING LTD is currently generating about 0.41 of returns per unit of risk over similar time horizon. If you would invest 171.00 in GRIFFIN MINING LTD on November 29, 2024 and sell it today you would earn a total of 49.00 from holding GRIFFIN MINING LTD or generate 28.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Gruppo Mutuionline SpA vs. GRIFFIN MINING LTD
Performance |
| Timeline |
| Gruppo Mutuionline SpA |
| GRIFFIN MINING LTD |
Gruppo Mutuionline and GRIFFIN MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gruppo Mutuionline and GRIFFIN MINING
The main advantage of trading using opposite Gruppo Mutuionline and GRIFFIN MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gruppo Mutuionline position performs unexpectedly, GRIFFIN MINING 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 GRIFFIN MINING will offset losses from the drop in GRIFFIN MINING's long position.| Gruppo Mutuionline vs. Coeur Mining | Gruppo Mutuionline vs. Zijin Mining Group | Gruppo Mutuionline vs. Cogent Communications Holdings | Gruppo Mutuionline vs. GEELY AUTOMOBILE |
| GRIFFIN MINING vs. United Natural Foods | GRIFFIN MINING vs. Xinhua Winshare Publishing | GRIFFIN MINING vs. PLANT VEDA FOODS | GRIFFIN MINING vs. CAREER EDUCATION |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |