Correlation Between Voyager Acquisition and Graf Global
Can any of the company-specific risk be diversified away by investing in both Voyager Acquisition and Graf Global 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 Voyager Acquisition and Graf Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Voyager Acquisition Corp and Graf Global Corp, you can compare the effects of market volatilities on Voyager Acquisition and Graf Global 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 Voyager Acquisition with a short position of Graf Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voyager Acquisition and Graf Global.
Diversification Opportunities for Voyager Acquisition and Graf Global
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Voyager and Graf is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Voyager Acquisition Corp and Graf Global Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Graf Global Corp and Voyager Acquisition 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 Voyager Acquisition Corp are associated (or correlated) with Graf Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Graf Global Corp has no effect on the direction of Voyager Acquisition i.e., Voyager Acquisition and Graf Global go up and down completely randomly.
Pair Corralation between Voyager Acquisition and Graf Global
Given the investment horizon of 90 days Voyager Acquisition Corp is expected to generate 0.99 times more return on investment than Graf Global. However, Voyager Acquisition Corp is 1.01 times less risky than Graf Global. It trades about 0.08 of its potential returns per unit of risk. Graf Global Corp is currently generating about 0.03 per unit of risk. If you would invest 997.00 in Voyager Acquisition Corp on August 23, 2024 and sell it today you would earn a total of 5.00 from holding Voyager Acquisition Corp or generate 0.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 60.94% |
| Values | Daily Returns |
Voyager Acquisition Corp vs. Graf Global Corp
Performance |
| Timeline |
| Voyager Acquisition Corp |
| Graf Global Corp |
Voyager Acquisition and Graf Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voyager Acquisition and Graf Global
The main advantage of trading using opposite Voyager Acquisition and Graf Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voyager Acquisition position performs unexpectedly, Graf Global 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 Graf Global will offset losses from the drop in Graf Global's long position.| Voyager Acquisition vs. Distoken Acquisition | Voyager Acquisition vs. dMY Squared Technology | Voyager Acquisition vs. YHN Acquisition I | Voyager Acquisition vs. Vine Hill Capital |
| Graf Global vs. Distoken Acquisition | Graf Global vs. Voyager Acquisition Corp | Graf Global vs. dMY Squared Technology | Graf Global vs. YHN Acquisition I |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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