Correlation Between GENERAL and Tower One

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Can any of the company-specific risk be diversified away by investing in both GENERAL and Tower One 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 GENERAL and Tower One into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GENERAL ELEC CAP and Tower One Wireless, you can compare the effects of market volatilities on GENERAL and Tower One 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 GENERAL with a short position of Tower One. Check out your portfolio center. Please also check ongoing floating volatility patterns of GENERAL and Tower One.

Diversification Opportunities for GENERAL and Tower One

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between GENERAL and Tower is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GENERAL ELEC CAP and Tower One Wireless in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tower One Wireless and GENERAL 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 GENERAL ELEC CAP are associated (or correlated) with Tower One. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tower One Wireless has no effect on the direction of GENERAL i.e., GENERAL and Tower One go up and down completely randomly.

Pair Corralation between GENERAL and Tower One

If you would invest  0.01  in Tower One Wireless on August 28, 2024 and sell it today you would earn a total of  0.00  from holding Tower One Wireless or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy42.86%
ValuesDaily Returns

GENERAL ELEC CAP  vs.  Tower One Wireless

 Performance 
       Timeline  
GENERAL ELEC CAP 

Risk-Adjusted Performance

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Strong
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Over the last 90 days GENERAL ELEC CAP has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Bond's basic indicators remain somewhat strong which may send shares a bit higher in December 2024. The current disturbance may also be a sign of long term up-swing for GENERAL ELEC CAP investors.
Tower One Wireless 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Tower One Wireless has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Tower One is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

GENERAL and Tower One Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with GENERAL and Tower One

The main advantage of trading using opposite GENERAL and Tower One positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GENERAL position performs unexpectedly, Tower One 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 Tower One will offset losses from the drop in Tower One's long position.
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The idea behind GENERAL ELEC CAP and Tower One Wireless pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.

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