Correlation Between Grupo Elektra and HSBC Holdings
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By analyzing existing cross correlation between Grupo Elektra SAB and HSBC Holdings plc, you can compare the effects of market volatilities on Grupo Elektra and HSBC Holdings 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 Grupo Elektra with a short position of HSBC Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Elektra and HSBC Holdings.
Diversification Opportunities for Grupo Elektra and HSBC Holdings
-0.5 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Grupo and HSBC is -0.5. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Elektra SAB and HSBC Holdings plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HSBC Holdings plc and Grupo Elektra 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 Grupo Elektra SAB are associated (or correlated) with HSBC Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HSBC Holdings plc has no effect on the direction of Grupo Elektra i.e., Grupo Elektra and HSBC Holdings go up and down completely randomly.
Pair Corralation between Grupo Elektra and HSBC Holdings
If you would invest 93,500 in HSBC Holdings plc on September 24, 2024 and sell it today you would earn a total of 0.00 from holding HSBC Holdings plc or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Grupo Elektra SAB vs. HSBC Holdings plc
Performance |
Timeline |
Grupo Elektra SAB |
HSBC Holdings plc |
Grupo Elektra and HSBC Holdings Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Grupo Elektra and HSBC Holdings
The main advantage of trading using opposite Grupo Elektra and HSBC Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Elektra position performs unexpectedly, HSBC Holdings 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 HSBC Holdings will offset losses from the drop in HSBC Holdings' long position.Grupo Elektra vs. Samsung Electronics Co | Grupo Elektra vs. Taiwan Semiconductor Manufacturing | Grupo Elektra vs. JPMorgan Chase Co | Grupo Elektra vs. Bank of America |
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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 Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.
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