Correlation Between Groupe Partouche and Haulotte Group
Can any of the company-specific risk be diversified away by investing in both Groupe Partouche and Haulotte Group 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 Groupe Partouche and Haulotte Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Groupe Partouche SA and Haulotte Group SA, you can compare the effects of market volatilities on Groupe Partouche and Haulotte Group 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 Groupe Partouche with a short position of Haulotte Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Groupe Partouche and Haulotte Group.
Diversification Opportunities for Groupe Partouche and Haulotte Group
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Groupe and Haulotte is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Groupe Partouche SA and Haulotte Group SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haulotte Group SA and Groupe Partouche 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 Groupe Partouche SA are associated (or correlated) with Haulotte Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haulotte Group SA has no effect on the direction of Groupe Partouche i.e., Groupe Partouche and Haulotte Group go up and down completely randomly.
Pair Corralation between Groupe Partouche and Haulotte Group
Assuming the 90 days trading horizon Groupe Partouche SA is expected to under-perform the Haulotte Group. But the stock apears to be less risky and, when comparing its historical volatility, Groupe Partouche SA is 1.72 times less risky than Haulotte Group. The stock trades about 0.0 of its potential returns per unit of risk. The Haulotte Group SA is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 290.00 in Haulotte Group SA on August 29, 2024 and sell it today you would lose (24.00) from holding Haulotte Group SA or give up 8.28% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Groupe Partouche SA vs. Haulotte Group SA
Performance |
| Timeline |
| Groupe Partouche |
| Haulotte Group SA |
Groupe Partouche and Haulotte Group Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Groupe Partouche and Haulotte Group
The main advantage of trading using opposite Groupe Partouche and Haulotte Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Groupe Partouche position performs unexpectedly, Haulotte Group 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 Haulotte Group will offset losses from the drop in Haulotte Group's long position.| Groupe Partouche vs. Passat Socit Anonyme | Groupe Partouche vs. Plastiques du Val | Groupe Partouche vs. NRJ Group | Groupe Partouche vs. Haulotte Group SA |
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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