Correlation Between Grupo Simec and Genworth
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By analyzing existing cross correlation between Grupo Simec SAB and Genworth Financial 7629, you can compare the effects of market volatilities on Grupo Simec and Genworth 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 Grupo Simec with a short position of Genworth. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Simec and Genworth.
Diversification Opportunities for Grupo Simec and Genworth
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Grupo and Genworth is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Simec SAB and Genworth Financial 7629 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genworth Financial 7629 and Grupo Simec 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 Grupo Simec SAB are associated (or correlated) with Genworth. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genworth Financial 7629 has no effect on the direction of Grupo Simec i.e., Grupo Simec and Genworth go up and down completely randomly.
Pair Corralation between Grupo Simec and Genworth
Considering the 90-day investment horizon Grupo Simec SAB is expected to under-perform the Genworth. But the stock apears to be less risky and, when comparing its historical volatility, Grupo Simec SAB is 1.65 times less risky than Genworth. The stock trades about -0.04 of its potential returns per unit of risk. The Genworth Financial 7629 is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 8,200 in Genworth Financial 7629 on September 3, 2024 and sell it today you would lose (48.00) from holding Genworth Financial 7629 or give up 0.59% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 80.0% |
| Values | Daily Returns |
Grupo Simec SAB vs. Genworth Financial 7629
Performance |
| Timeline |
| Grupo Simec SAB |
| Genworth Financial 7629 |
Grupo Simec and Genworth Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Simec and Genworth
The main advantage of trading using opposite Grupo Simec and Genworth positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Simec position performs unexpectedly, Genworth 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 Genworth will offset losses from the drop in Genworth's long position.| Grupo Simec vs. Synalloy | Grupo Simec vs. Mesabi Trust | Grupo Simec vs. Algoma Steel Group | Grupo Simec vs. Olympic Steel |
| Genworth vs. Insteel Industries | Genworth vs. Kaltura | Genworth vs. Senmiao Technology | Genworth vs. Grupo Simec SAB |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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