Correlation Between 111 and GABY
Can any of the company-specific risk be diversified away by investing in both 111 and GABY 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 111 and GABY into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between 111 Inc and GABY Inc, you can compare the effects of market volatilities on 111 and GABY 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 111 with a short position of GABY. Check out your portfolio center. Please also check ongoing floating volatility patterns of 111 and GABY.
Diversification Opportunities for 111 and GABY
Pay attention - limited upside
The 3 months correlation between 111 and GABY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding 111 Inc and GABY Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GABY Inc and 111 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 111 Inc are associated (or correlated) with GABY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GABY Inc has no effect on the direction of 111 i.e., 111 and GABY go up and down completely randomly.
Pair Corralation between 111 and GABY
If you would invest 76.00 in 111 Inc on August 31, 2024 and sell it today you would earn a total of 16.00 from holding 111 Inc or generate 21.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
111 Inc vs. GABY Inc
Performance |
| Timeline |
| 111 Inc |
| GABY Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
111 and GABY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 111 and GABY
The main advantage of trading using opposite 111 and GABY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 111 position performs unexpectedly, GABY 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 GABY will offset losses from the drop in GABY's long position.| 111 vs. Walgreens Boots Alliance | 111 vs. PetMed Express | 111 vs. China Jo Jo Drugstores | 111 vs. Leafly Holdings |
| GABY vs. Nextplat Corp | GABY vs. Hudson Pacific Properties | GABY vs. Mativ Holdings | GABY vs. Amkor 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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