Correlation Between UNIQA INSURANCE and GRIFFIN MINING
Can any of the company-specific risk be diversified away by investing in both UNIQA INSURANCE and GRIFFIN MINING 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 UNIQA INSURANCE and GRIFFIN MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between UNIQA INSURANCE GR and GRIFFIN MINING LTD, you can compare the effects of market volatilities on UNIQA INSURANCE and GRIFFIN MINING 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 UNIQA INSURANCE with a short position of GRIFFIN MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of UNIQA INSURANCE and GRIFFIN MINING.
Diversification Opportunities for UNIQA INSURANCE and GRIFFIN MINING
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between UNIQA and GRIFFIN is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding UNIQA INSURANCE GR and GRIFFIN MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIFFIN MINING LTD and UNIQA INSURANCE 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 UNIQA INSURANCE GR are associated (or correlated) with GRIFFIN MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIFFIN MINING LTD has no effect on the direction of UNIQA INSURANCE i.e., UNIQA INSURANCE and GRIFFIN MINING go up and down completely randomly.
Pair Corralation between UNIQA INSURANCE and GRIFFIN MINING
Assuming the 90 days trading horizon UNIQA INSURANCE is expected to generate 4.52 times less return on investment than GRIFFIN MINING. But when comparing it to its historical volatility, UNIQA INSURANCE GR is 2.67 times less risky than GRIFFIN MINING. It trades about 0.05 of its potential returns per unit of risk. GRIFFIN MINING LTD is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 91.00 in GRIFFIN MINING LTD on October 11, 2024 and sell it today you would earn a total of 93.00 from holding GRIFFIN MINING LTD or generate 102.2% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
UNIQA INSURANCE GR vs. GRIFFIN MINING LTD
Performance |
| Timeline |
| UNIQA INSURANCE GR |
| GRIFFIN MINING LTD |
UNIQA INSURANCE and GRIFFIN MINING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with UNIQA INSURANCE and GRIFFIN MINING
The main advantage of trading using opposite UNIQA INSURANCE and GRIFFIN MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if UNIQA INSURANCE position performs unexpectedly, GRIFFIN MINING 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 GRIFFIN MINING will offset losses from the drop in GRIFFIN MINING's long position.| UNIQA INSURANCE vs. MINCO SILVER | UNIQA INSURANCE vs. Carnegie Clean Energy | UNIQA INSURANCE vs. Fortescue Metals Group | UNIQA INSURANCE vs. Forsys Metals Corp |
| GRIFFIN MINING vs. INTERSHOP Communications Aktiengesellschaft | GRIFFIN MINING vs. Globex Mining Enterprises | GRIFFIN MINING vs. Geely Automobile Holdings | GRIFFIN MINING vs. Yanzhou Coal Mining |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Global Correlations Find global opportunities by holding instruments from different markets | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |