Correlation Between New You and GSRX Industries
Can any of the company-specific risk be diversified away by investing in both New You and GSRX Industries 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 New You and GSRX Industries into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between New You and GSRX Industries, you can compare the effects of market volatilities on New You and GSRX Industries 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 New You with a short position of GSRX Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of New You and GSRX Industries.
Diversification Opportunities for New You and GSRX Industries
1.0 | Correlation Coefficient |
No risk reduction
The 3 months correlation between New and GSRX is 1.0. Overlapping area represents the amount of risk that can be diversified away by holding New You and GSRX Industries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GSRX Industries and New You 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 New You are associated (or correlated) with GSRX Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GSRX Industries has no effect on the direction of New You i.e., New You and GSRX Industries go up and down completely randomly.
Pair Corralation between New You and GSRX Industries
If you would invest 0.01 in GSRX Industries on September 1, 2024 and sell it today you would earn a total of 0.00 from holding GSRX Industries or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 4.76% |
| Values | Daily Returns |
New You vs. GSRX Industries
Performance |
| Timeline |
| New You |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| GSRX Industries |
New You and GSRX Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with New You and GSRX Industries
The main advantage of trading using opposite New You and GSRX Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if New You position performs unexpectedly, GSRX Industries 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 GSRX Industries will offset losses from the drop in GSRX Industries' long position.| New You vs. OrganiGram Holdings | New You vs. Aurora Cannabis | New You vs. Tilray Inc | New You vs. FutureWorld Corp |
| GSRX Industries vs. Cronos Group | GSRX Industries vs. Aurora Cannabis | GSRX Industries vs. Canopy Growth Corp | GSRX Industries vs. Curaleaf 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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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