Correlation Between Aurubis AG and G-III Apparel
Can any of the company-specific risk be diversified away by investing in both Aurubis AG and G-III Apparel 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 Aurubis AG and G-III Apparel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aurubis AG and G III Apparel Group, you can compare the effects of market volatilities on Aurubis AG and G-III Apparel 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 Aurubis AG with a short position of G-III Apparel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aurubis AG and G-III Apparel.
Diversification Opportunities for Aurubis AG and G-III Apparel
0.33 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Aurubis and G-III is 0.33. Overlapping area represents the amount of risk that can be diversified away by holding Aurubis AG and G III Apparel Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on G III Apparel and Aurubis AG 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 Aurubis AG are associated (or correlated) with G-III Apparel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of G III Apparel has no effect on the direction of Aurubis AG i.e., Aurubis AG and G-III Apparel go up and down completely randomly.
Pair Corralation between Aurubis AG and G-III Apparel
If you would invest 2,980 in G III Apparel Group on October 10, 2024 and sell it today you would earn a total of 140.00 from holding G III Apparel Group or generate 4.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 5.88% |
| Values | Daily Returns |
Aurubis AG vs. G III Apparel Group
Performance |
| Timeline |
| Aurubis AG |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| G III Apparel |
Aurubis AG and G-III Apparel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aurubis AG and G-III Apparel
The main advantage of trading using opposite Aurubis AG and G-III Apparel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aurubis AG position performs unexpectedly, G-III Apparel 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 G-III Apparel will offset losses from the drop in G-III Apparel's long position.| Aurubis AG vs. SOGECLAIR SA INH | Aurubis AG vs. Shenandoah Telecommunications | Aurubis AG vs. WIZZ AIR HLDGUNSPADR4 | Aurubis AG vs. Wizz Air Holdings |
| G-III Apparel vs. Alfa Financial Software | G-III Apparel vs. Treasury Wine Estates | G-III Apparel vs. Forsys Metals Corp | G-III Apparel vs. DAIDO METAL TD |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |