Correlation Between Marfrig Global and GABY
Can any of the company-specific risk be diversified away by investing in both Marfrig Global and GABY 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 Marfrig Global and GABY into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Marfrig Global Foods and GABY Inc, you can compare the effects of market volatilities on Marfrig Global and GABY 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 Marfrig Global with a short position of GABY. Check out your portfolio center. Please also check ongoing floating volatility patterns of Marfrig Global and GABY.
Diversification Opportunities for Marfrig Global and GABY
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Marfrig and GABY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Marfrig Global Foods and GABY Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GABY Inc and Marfrig Global 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 Marfrig Global Foods are associated (or correlated) with GABY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GABY Inc has no effect on the direction of Marfrig Global i.e., Marfrig Global and GABY go up and down completely randomly.
Pair Corralation between Marfrig Global and GABY
If you would invest 191.00 in Marfrig Global Foods on September 2, 2024 and sell it today you would earn a total of 114.00 from holding Marfrig Global Foods or generate 59.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 70.97% |
| Values | Daily Returns |
Marfrig Global Foods vs. GABY Inc
Performance |
| Timeline |
| Marfrig Global Foods |
| GABY Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Marfrig Global and GABY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Marfrig Global and GABY
The main advantage of trading using opposite Marfrig Global and GABY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Marfrig Global position performs unexpectedly, GABY 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 GABY will offset losses from the drop in GABY's long position.| Marfrig Global vs. The A2 Milk | Marfrig Global vs. Artisan Consumer Goods | Marfrig Global vs. General Mills |
| GABY vs. Bridgford Foods | GABY vs. Lifevantage | GABY vs. Marfrig Global Foods | GABY vs. RCI Hospitality Holdings |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
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