Correlation Between Pact Group and GO2 People
Can any of the company-specific risk be diversified away by investing in both Pact Group and GO2 People 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 Pact Group and GO2 People into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Pact Group Holdings and GO2 People, you can compare the effects of market volatilities on Pact Group and GO2 People 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 Pact Group with a short position of GO2 People. Check out your portfolio center. Please also check ongoing floating volatility patterns of Pact Group and GO2 People.
Diversification Opportunities for Pact Group and GO2 People
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Pact and GO2 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Pact Group Holdings and GO2 People in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GO2 People and Pact 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 Pact Group Holdings are associated (or correlated) with GO2 People. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GO2 People has no effect on the direction of Pact Group i.e., Pact Group and GO2 People go up and down completely randomly.
Pair Corralation between Pact Group and GO2 People
If you would invest 67.00 in GO2 People on August 25, 2024 and sell it today you would earn a total of 0.00 from holding GO2 People or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Pact Group Holdings vs. GO2 People
Performance |
| Timeline |
| Pact Group Holdings |
| GO2 People |
Pact Group and GO2 People Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Pact Group and GO2 People
The main advantage of trading using opposite Pact Group and GO2 People positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Pact Group position performs unexpectedly, GO2 People 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 GO2 People will offset losses from the drop in GO2 People's long position.| Pact Group vs. Medibank Private | Pact Group vs. Perpetual Credit Income | Pact Group vs. Finexia Financial Group | Pact Group vs. Carnegie Clean Energy |
| GO2 People vs. Australian Agricultural | GO2 People vs. Data3 | GO2 People vs. Nufarm Finance NZ | GO2 People vs. Nova Eye Medical |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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