Correlation Between GRIFFIN MINING and Cross Country
Can any of the company-specific risk be diversified away by investing in both GRIFFIN MINING and Cross Country 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 GRIFFIN MINING and Cross Country into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GRIFFIN MINING LTD and Cross Country Healthcare, you can compare the effects of market volatilities on GRIFFIN MINING and Cross Country 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 GRIFFIN MINING with a short position of Cross Country. Check out your portfolio center. Please also check ongoing floating volatility patterns of GRIFFIN MINING and Cross Country.
Diversification Opportunities for GRIFFIN MINING and Cross Country
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between GRIFFIN and Cross is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding GRIFFIN MINING LTD and Cross Country Healthcare in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cross Country Healthcare and GRIFFIN MINING 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 GRIFFIN MINING LTD are associated (or correlated) with Cross Country. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cross Country Healthcare has no effect on the direction of GRIFFIN MINING i.e., GRIFFIN MINING and Cross Country go up and down completely randomly.
Pair Corralation between GRIFFIN MINING and Cross Country
Assuming the 90 days horizon GRIFFIN MINING LTD is expected to generate 2.45 times more return on investment than Cross Country. However, GRIFFIN MINING is 2.45 times more volatile than Cross Country Healthcare. It trades about 0.55 of its potential returns per unit of risk. Cross Country Healthcare is currently generating about -0.37 per unit of risk. If you would invest 167.00 in GRIFFIN MINING LTD on December 5, 2024 and sell it today you would earn a total of 63.00 from holding GRIFFIN MINING LTD or generate 37.72% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 95.65% |
Values | Daily Returns |
GRIFFIN MINING LTD vs. Cross Country Healthcare
Performance |
Timeline |
GRIFFIN MINING LTD |
Cross Country Healthcare |
GRIFFIN MINING and Cross Country Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GRIFFIN MINING and Cross Country
The main advantage of trading using opposite GRIFFIN MINING and Cross Country positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GRIFFIN MINING position performs unexpectedly, Cross Country 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 Cross Country will offset losses from the drop in Cross Country's long position.GRIFFIN MINING vs. QINGCI GAMES INC | GRIFFIN MINING vs. OURGAME INTHOLDL 00005 | GRIFFIN MINING vs. Eastman Chemical | GRIFFIN MINING vs. MOVIE GAMES SA |
Cross Country vs. Robert Half International | Cross Country vs. Insperity | Cross Country vs. ASGN Incorporated | Cross Country vs. ManpowerGroup |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
Equity Valuation Check real value of public entities based on technical and fundamental data | |
Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |