Correlation Between NH Foods and Greencity Acquisition
Can any of the company-specific risk be diversified away by investing in both NH Foods and Greencity Acquisition 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 NH Foods and Greencity Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between NH Foods Ltd and Greencity Acquisition Corp, you can compare the effects of market volatilities on NH Foods and Greencity Acquisition 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 NH Foods with a short position of Greencity Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of NH Foods and Greencity Acquisition.
Diversification Opportunities for NH Foods and Greencity Acquisition
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between NIPMY and Greencity is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NH Foods Ltd and Greencity Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greencity Acquisition and NH Foods 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 NH Foods Ltd are associated (or correlated) with Greencity Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greencity Acquisition has no effect on the direction of NH Foods i.e., NH Foods and Greencity Acquisition go up and down completely randomly.
Pair Corralation between NH Foods and Greencity Acquisition
If you would invest 1,146 in Greencity Acquisition Corp on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Greencity Acquisition Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
NH Foods Ltd vs. Greencity Acquisition Corp
Performance |
| Timeline |
| NH Foods |
| Greencity Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
NH Foods and Greencity Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NH Foods and Greencity Acquisition
The main advantage of trading using opposite NH Foods and Greencity Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NH Foods position performs unexpectedly, Greencity Acquisition 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 Greencity Acquisition will offset losses from the drop in Greencity Acquisition's long position.| NH Foods vs. Darling Ingredients | NH Foods vs. Paranovus Entertainment Technology | NH Foods vs. ABIVAX Socit Anonyme | NH Foods vs. Pinnacle Sherman Multi Strategy |
| Greencity Acquisition vs. NH Foods Ltd | Greencity Acquisition vs. Where Food Comes | Greencity Acquisition vs. Finnair Oyj | Greencity Acquisition vs. Pentair PLC |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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