Correlation Between Grupo Sports and Unifin Financiera
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By analyzing existing cross correlation between Grupo Sports World and Unifin Financiera S, you can compare the effects of market volatilities on Grupo Sports and Unifin Financiera 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 Sports with a short position of Unifin Financiera. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Sports and Unifin Financiera.
Diversification Opportunities for Grupo Sports and Unifin Financiera
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Grupo and Unifin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Sports World and Unifin Financiera S in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unifin Financiera and Grupo Sports 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 Sports World are associated (or correlated) with Unifin Financiera. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unifin Financiera has no effect on the direction of Grupo Sports i.e., Grupo Sports and Unifin Financiera go up and down completely randomly.
Pair Corralation between Grupo Sports and Unifin Financiera
Assuming the 90 days trading horizon Grupo Sports is expected to generate 17.49 times less return on investment than Unifin Financiera. But when comparing it to its historical volatility, Grupo Sports World is 22.27 times less risky than Unifin Financiera. It trades about 0.06 of its potential returns per unit of risk. Unifin Financiera S is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 120.00 in Unifin Financiera S on August 31, 2024 and sell it today you would earn a total of 1,080 from holding Unifin Financiera S or generate 900.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grupo Sports World vs. Unifin Financiera S
Performance |
| Timeline |
| Grupo Sports World |
| Unifin Financiera |
Grupo Sports and Unifin Financiera Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Sports and Unifin Financiera
The main advantage of trading using opposite Grupo Sports and Unifin Financiera positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Sports position performs unexpectedly, Unifin Financiera 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 Unifin Financiera will offset losses from the drop in Unifin Financiera's long position.| Grupo Sports vs. Genworth Financial | Grupo Sports vs. New Oriental Education | Grupo Sports vs. Costco Wholesale | Grupo Sports vs. Southern Copper |
| Unifin Financiera vs. McEwen Mining | Unifin Financiera vs. Hoteles City Express | Unifin Financiera vs. Grupo Sports World | Unifin Financiera vs. Micron Technology |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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