Correlation Between Promotora and Grupo Nacional
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By analyzing existing cross correlation between Promotora y Operadora and Grupo Nacional Provincial, you can compare the effects of market volatilities on Promotora and Grupo Nacional 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 Promotora with a short position of Grupo Nacional. Check out your portfolio center. Please also check ongoing floating volatility patterns of Promotora and Grupo Nacional.
Diversification Opportunities for Promotora and Grupo Nacional
-0.87 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Promotora and Grupo is -0.87. Overlapping area represents the amount of risk that can be diversified away by holding Promotora y Operadora and Grupo Nacional Provincial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Nacional Provincial and Promotora 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 Promotora y Operadora are associated (or correlated) with Grupo Nacional. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Nacional Provincial has no effect on the direction of Promotora i.e., Promotora and Grupo Nacional go up and down completely randomly.
Pair Corralation between Promotora and Grupo Nacional
Assuming the 90 days trading horizon Promotora y Operadora is expected to generate 0.54 times more return on investment than Grupo Nacional. However, Promotora y Operadora is 1.87 times less risky than Grupo Nacional. It trades about 0.14 of its potential returns per unit of risk. Grupo Nacional Provincial is currently generating about -0.08 per unit of risk. If you would invest 13,500 in Promotora y Operadora on October 30, 2024 and sell it today you would earn a total of 1,600 from holding Promotora y Operadora or generate 11.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 98.36% |
| Values | Daily Returns |
Promotora y Operadora vs. Grupo Nacional Provincial
Performance |
| Timeline |
| Promotora y Operadora |
| Grupo Nacional Provincial |
Promotora and Grupo Nacional Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Promotora and Grupo Nacional
The main advantage of trading using opposite Promotora and Grupo Nacional positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Promotora position performs unexpectedly, Grupo Nacional 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 Grupo Nacional will offset losses from the drop in Grupo Nacional's long position.| Promotora vs. Grupo Carso SAB | Promotora vs. FIBRA Storage | Promotora vs. Verizon Communications | Promotora vs. Monster Beverage Corp |
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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 Stocks Directory module to find actively traded stocks across global markets.
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