Correlation Between One Gas and Greif,
Can any of the company-specific risk be diversified away by investing in both One Gas and Greif, 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 One Gas and Greif, into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between One Gas and Greif, Inc, you can compare the effects of market volatilities on One Gas and Greif, 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 One Gas with a short position of Greif,. Check out your portfolio center. Please also check ongoing floating volatility patterns of One Gas and Greif,.
Diversification Opportunities for One Gas and Greif,
Very poor diversification
The 3 months correlation between One and Greif, is 0.88. Overlapping area represents the amount of risk that can be diversified away by holding One Gas and Greif, Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greif, Inc and One Gas 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 One Gas are associated (or correlated) with Greif,. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greif, Inc has no effect on the direction of One Gas i.e., One Gas and Greif, go up and down completely randomly.
Pair Corralation between One Gas and Greif,
Considering the 90-day investment horizon One Gas is expected to generate 1.58 times less return on investment than Greif,. But when comparing it to its historical volatility, One Gas is 1.05 times less risky than Greif,. It trades about 0.22 of its potential returns per unit of risk. Greif, Inc is currently generating about 0.33 of returns per unit of risk over similar time horizon. If you would invest 6,700 in Greif, Inc on September 5, 2024 and sell it today you would earn a total of 879.00 from holding Greif, Inc or generate 13.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
One Gas vs. Greif, Inc
Performance |
| Timeline |
| One Gas |
| Greif, Inc |
One Gas and Greif, Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with One Gas and Greif,
The main advantage of trading using opposite One Gas and Greif, positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if One Gas position performs unexpectedly, Greif, 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 Greif, will offset losses from the drop in Greif,'s long position.| One Gas vs. Northwest Natural Gas | One Gas vs. Chesapeake Utilities | One Gas vs. NewJersey Resources | One Gas vs. RGC Resources |
| Greif, vs. Kenon Holdings | Greif, vs. One Gas | Greif, vs. Transportadora de Gas | Greif, vs. Alaska Air Group |
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 Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.
Other Complementary Tools
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |