Correlation Between SNM Gobal and Goliath Film
Can any of the company-specific risk be diversified away by investing in both SNM Gobal and Goliath Film at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining SNM Gobal and Goliath Film into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SNM Gobal Holdings and Goliath Film and, you can compare the effects of market volatilities on SNM Gobal and Goliath Film 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 SNM Gobal with a short position of Goliath Film. Check out your portfolio center. Please also check ongoing floating volatility patterns of SNM Gobal and Goliath Film.
Diversification Opportunities for SNM Gobal and Goliath Film
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SNM and Goliath is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SNM Gobal Holdings and Goliath Film and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Goliath Film and SNM Gobal 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 SNM Gobal Holdings are associated (or correlated) with Goliath Film. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Goliath Film has no effect on the direction of SNM Gobal i.e., SNM Gobal and Goliath Film go up and down completely randomly.
Pair Corralation between SNM Gobal and Goliath Film
Given the investment horizon of 90 days SNM Gobal Holdings is expected to generate 3.34 times more return on investment than Goliath Film. However, SNM Gobal is 3.34 times more volatile than Goliath Film and. It trades about 0.1 of its potential returns per unit of risk. Goliath Film and is currently generating about 0.02 per unit of risk. If you would invest 0.06 in SNM Gobal Holdings on August 29, 2024 and sell it today you would lose (0.05) from holding SNM Gobal Holdings or give up 83.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
SNM Gobal Holdings vs. Goliath Film and
Performance |
| Timeline |
| SNM Gobal Holdings |
| Goliath Film |
SNM Gobal and Goliath Film Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SNM Gobal and Goliath Film
The main advantage of trading using opposite SNM Gobal and Goliath Film positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SNM Gobal position performs unexpectedly, Goliath Film 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 Goliath Film will offset losses from the drop in Goliath Film's long position.| SNM Gobal vs. Warner Music Group | SNM Gobal vs. Live Nation Entertainment | SNM Gobal vs. Atlanta Braves Holdings, | SNM Gobal vs. Warner Bros Discovery |
| Goliath Film vs. Bank Rakyat | Goliath Film vs. PT Bank Rakyat | Goliath Film vs. Samsung Electronics Co | Goliath Film vs. Bank Mandiri Persero |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format |