Correlation Between Global Partners and 21036PBL1
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By analyzing existing cross correlation between Global Partners LP and STZ 475 09 MAY 32, you can compare the effects of market volatilities on Global Partners and 21036PBL1 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 Global Partners with a short position of 21036PBL1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Partners and 21036PBL1.
Diversification Opportunities for Global Partners and 21036PBL1
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Global and 21036PBL1 is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Global Partners LP and STZ 475 09 MAY 32 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STZ 475 09 and Global Partners 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 Global Partners LP are associated (or correlated) with 21036PBL1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STZ 475 09 has no effect on the direction of Global Partners i.e., Global Partners and 21036PBL1 go up and down completely randomly.
Pair Corralation between Global Partners and 21036PBL1
Assuming the 90 days trading horizon Global Partners LP is expected to generate 0.33 times more return on investment than 21036PBL1. However, Global Partners LP is 3.07 times less risky than 21036PBL1. It trades about 0.16 of its potential returns per unit of risk. STZ 475 09 MAY 32 is currently generating about -0.1 per unit of risk. If you would invest 2,553 in Global Partners LP on October 3, 2024 and sell it today you would earn a total of 61.00 from holding Global Partners LP or generate 2.39% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 98.39% |
Values | Daily Returns |
Global Partners LP vs. STZ 475 09 MAY 32
Performance |
Timeline |
Global Partners LP |
STZ 475 09 |
Global Partners and 21036PBL1 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Global Partners and 21036PBL1
The main advantage of trading using opposite Global Partners and 21036PBL1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Partners position performs unexpectedly, 21036PBL1 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 21036PBL1 will offset losses from the drop in 21036PBL1's long position.Global Partners vs. Mitsubishi Estate Co | Global Partners vs. HUMANA INC | Global Partners vs. Aquagold International | Global Partners vs. Barloworld Ltd ADR |
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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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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