Correlation Between VIAPLAY GROUP and GRIFFIN MINING
Can any of the company-specific risk be diversified away by investing in both VIAPLAY GROUP 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 VIAPLAY GROUP and GRIFFIN MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between VIAPLAY GROUP AB and GRIFFIN MINING LTD, you can compare the effects of market volatilities on VIAPLAY GROUP 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 VIAPLAY GROUP with a short position of GRIFFIN MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of VIAPLAY GROUP and GRIFFIN MINING.
Diversification Opportunities for VIAPLAY GROUP and GRIFFIN MINING
0.28 | Correlation Coefficient |
Modest diversification
The 3 months correlation between VIAPLAY and GRIFFIN is 0.28. Overlapping area represents the amount of risk that can be diversified away by holding VIAPLAY GROUP AB 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 VIAPLAY GROUP 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 VIAPLAY GROUP AB 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 VIAPLAY GROUP i.e., VIAPLAY GROUP and GRIFFIN MINING go up and down completely randomly.
Pair Corralation between VIAPLAY GROUP and GRIFFIN MINING
Assuming the 90 days horizon VIAPLAY GROUP AB is expected to generate 2.03 times more return on investment than GRIFFIN MINING. However, VIAPLAY GROUP is 2.03 times more volatile than GRIFFIN MINING LTD. It trades about 0.05 of its potential returns per unit of risk. GRIFFIN MINING LTD is currently generating about 0.02 per unit of risk. If you would invest 5.72 in VIAPLAY GROUP AB on September 21, 2024 and sell it today you would earn a total of 0.13 from holding VIAPLAY GROUP AB or generate 2.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
VIAPLAY GROUP AB vs. GRIFFIN MINING LTD
Performance |
| Timeline |
| VIAPLAY GROUP AB |
| GRIFFIN MINING LTD |
VIAPLAY GROUP and GRIFFIN MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with VIAPLAY GROUP and GRIFFIN MINING
The main advantage of trading using opposite VIAPLAY GROUP and GRIFFIN MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if VIAPLAY GROUP 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.| VIAPLAY GROUP vs. The Walt Disney | VIAPLAY GROUP vs. Charter Communications | VIAPLAY GROUP vs. Superior Plus Corp | VIAPLAY GROUP vs. SIVERS SEMICONDUCTORS AB |
| GRIFFIN MINING vs. JD SPORTS FASH | GRIFFIN MINING vs. VIAPLAY GROUP AB | GRIFFIN MINING vs. COLUMBIA SPORTSWEAR | GRIFFIN MINING vs. Gaztransport Technigaz SA |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Stocks Directory Find actively traded stocks across global markets |