Correlation Between FISERV and Griffon
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By analyzing existing cross correlation between FISERV INC and Griffon, you can compare the effects of market volatilities on FISERV and Griffon 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 FISERV with a short position of Griffon. Check out your portfolio center. Please also check ongoing floating volatility patterns of FISERV and Griffon.
Diversification Opportunities for FISERV and Griffon
Very good diversification
The 3 months correlation between FISERV and Griffon is -0.45. Overlapping area represents the amount of risk that can be diversified away by holding FISERV INC and Griffon in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Griffon and FISERV 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 FISERV INC are associated (or correlated) with Griffon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Griffon has no effect on the direction of FISERV i.e., FISERV and Griffon go up and down completely randomly.
Pair Corralation between FISERV and Griffon
Assuming the 90 days trading horizon FISERV is expected to generate 19.01 times less return on investment than Griffon. But when comparing it to its historical volatility, FISERV INC is 8.28 times less risky than Griffon. It trades about 0.13 of its potential returns per unit of risk. Griffon is currently generating about 0.3 of returns per unit of risk over similar time horizon. If you would invest 6,422 in Griffon on August 29, 2024 and sell it today you would earn a total of 2,015 from holding Griffon or generate 31.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
FISERV INC vs. Griffon
Performance |
| Timeline |
| FISERV INC |
| Griffon |
FISERV and Griffon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FISERV and Griffon
The main advantage of trading using opposite FISERV and Griffon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FISERV position performs unexpectedly, Griffon 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 Griffon will offset losses from the drop in Griffon's long position.| FISERV vs. The Coca Cola | FISERV vs. JPMorgan Chase Co | FISERV vs. Dupont De Nemours | FISERV vs. Alcoa Corp |
| Griffon vs. Steel Partners Holdings | Griffon vs. Brookfield Business Partners | Griffon vs. Tejon Ranch Co | Griffon vs. Compass Diversified Holdings |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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