Correlation Between Quality Construction and Grande Hospitality
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By analyzing existing cross correlation between Quality Construction Products and Grande Hospitality Real, you can compare the effects of market volatilities on Quality Construction and Grande Hospitality 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 Quality Construction with a short position of Grande Hospitality. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quality Construction and Grande Hospitality.
Diversification Opportunities for Quality Construction and Grande Hospitality
0.63 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Quality and Grande is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Quality Construction Products and Grande Hospitality Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grande Hospitality Real and Quality Construction 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 Quality Construction Products are associated (or correlated) with Grande Hospitality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grande Hospitality Real has no effect on the direction of Quality Construction i.e., Quality Construction and Grande Hospitality go up and down completely randomly.
Pair Corralation between Quality Construction and Grande Hospitality
Assuming the 90 days trading horizon Quality Construction Products is expected to generate 3.02 times more return on investment than Grande Hospitality. However, Quality Construction is 3.02 times more volatile than Grande Hospitality Real. It trades about 0.02 of its potential returns per unit of risk. Grande Hospitality Real is currently generating about 0.0 per unit of risk. If you would invest 851.00 in Quality Construction Products on September 12, 2024 and sell it today you would earn a total of 74.00 from holding Quality Construction Products or generate 8.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Quality Construction Products vs. Grande Hospitality Real
Performance |
| Timeline |
| Quality Construction |
| Grande Hospitality Real |
Quality Construction and Grande Hospitality Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quality Construction and Grande Hospitality
The main advantage of trading using opposite Quality Construction and Grande Hospitality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quality Construction position performs unexpectedly, Grande Hospitality 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 Grande Hospitality will offset losses from the drop in Grande Hospitality's long position.| Quality Construction vs. Thantawan Industry Public | Quality Construction vs. The Erawan Group | Quality Construction vs. Jay Mart Public | Quality Construction vs. Airports of Thailand |
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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 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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