Correlation Between Palantir Technologies and GLOBAL
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By analyzing existing cross correlation between Palantir Technologies Class and GLOBAL PAYMENTS INC, you can compare the effects of market volatilities on Palantir Technologies and GLOBAL 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 Palantir Technologies with a short position of GLOBAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Palantir Technologies and GLOBAL.
Diversification Opportunities for Palantir Technologies and GLOBAL
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Palantir and GLOBAL is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Palantir Technologies Class and GLOBAL PAYMENTS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GLOBAL PAYMENTS INC and Palantir Technologies 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 Palantir Technologies Class are associated (or correlated) with GLOBAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GLOBAL PAYMENTS INC has no effect on the direction of Palantir Technologies i.e., Palantir Technologies and GLOBAL go up and down completely randomly.
Pair Corralation between Palantir Technologies and GLOBAL
Given the investment horizon of 90 days Palantir Technologies Class is expected to generate 9.78 times more return on investment than GLOBAL. However, Palantir Technologies is 9.78 times more volatile than GLOBAL PAYMENTS INC. It trades about 0.13 of its potential returns per unit of risk. GLOBAL PAYMENTS INC is currently generating about 0.0 per unit of risk. If you would invest 1,579 in Palantir Technologies Class on September 3, 2024 and sell it today you would earn a total of 5,060 from holding Palantir Technologies Class or generate 320.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.71% |
| Values | Daily Returns |
Palantir Technologies Class vs. GLOBAL PAYMENTS INC
Performance |
| Timeline |
| Palantir Technologies |
| GLOBAL PAYMENTS INC |
Palantir Technologies and GLOBAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Palantir Technologies and GLOBAL
The main advantage of trading using opposite Palantir Technologies and GLOBAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Palantir Technologies position performs unexpectedly, GLOBAL 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 GLOBAL will offset losses from the drop in GLOBAL's long position.| Palantir Technologies vs. Palo Alto Networks | Palantir Technologies vs. Adobe Systems Incorporated | Palantir Technologies vs. Crowdstrike Holdings | Palantir Technologies vs. Block Inc |
| GLOBAL vs. Doubledown Interactive Co | GLOBAL vs. Axalta Coating Systems | GLOBAL vs. Mativ Holdings | GLOBAL vs. CF Industries 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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