Correlation Between SBF 120 and Gaztransport Technigaz
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By analyzing existing cross correlation between SBF 120 and Gaztransport Technigaz SAS, you can compare the effects of market volatilities on SBF 120 and Gaztransport Technigaz 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 SBF 120 with a short position of Gaztransport Technigaz. Check out your portfolio center. Please also check ongoing floating volatility patterns of SBF 120 and Gaztransport Technigaz.
Diversification Opportunities for SBF 120 and Gaztransport Technigaz
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SBF and Gaztransport is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding SBF 120 and Gaztransport Technigaz SAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gaztransport Technigaz and SBF 120 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 SBF 120 are associated (or correlated) with Gaztransport Technigaz. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gaztransport Technigaz has no effect on the direction of SBF 120 i.e., SBF 120 and Gaztransport Technigaz go up and down completely randomly.
Pair Corralation between SBF 120 and Gaztransport Technigaz
Assuming the 90 days trading horizon SBF 120 is expected to under-perform the Gaztransport Technigaz. But the index apears to be less risky and, when comparing its historical volatility, SBF 120 is 1.35 times less risky than Gaztransport Technigaz. The index trades about -0.19 of its potential returns per unit of risk. The Gaztransport Technigaz SAS is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest 13,140 in Gaztransport Technigaz SAS on August 24, 2024 and sell it today you would earn a total of 980.00 from holding Gaztransport Technigaz SAS or generate 7.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
SBF 120 vs. Gaztransport Technigaz SAS
Performance |
| Timeline |
SBF 120 and Gaztransport Technigaz Volatility Contrast
Predicted Return Density |
| Returns |
SBF 120
Pair trading matchups for SBF 120
Gaztransport Technigaz SAS
Pair trading matchups for Gaztransport Technigaz
Pair Trading with SBF 120 and Gaztransport Technigaz
The main advantage of trading using opposite SBF 120 and Gaztransport Technigaz positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SBF 120 position performs unexpectedly, Gaztransport Technigaz 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 Gaztransport Technigaz will offset losses from the drop in Gaztransport Technigaz's long position.| SBF 120 vs. Mauna Kea Technologies | SBF 120 vs. Axway Software | SBF 120 vs. Soditech SA | SBF 120 vs. Guandao Puer Investment |
| Gaztransport Technigaz vs. Rubis SCA | Gaztransport Technigaz vs. Teleperformance SE | Gaztransport Technigaz vs. Sartorius Stedim Biotech | Gaztransport Technigaz vs. Nexity |
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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