Correlation Between Global Partners and 443510AK8
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By analyzing existing cross correlation between Global Partners LP and HUBB 23 15 MAR 31, you can compare the effects of market volatilities on Global Partners and 443510AK8 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 443510AK8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Partners and 443510AK8.
Diversification Opportunities for Global Partners and 443510AK8
-0.68 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Global and 443510AK8 is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Global Partners LP and HUBB 23 15 MAR 31 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HUBB 23 15 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 443510AK8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HUBB 23 15 has no effect on the direction of Global Partners i.e., Global Partners and 443510AK8 go up and down completely randomly.
Pair Corralation between Global Partners and 443510AK8
Assuming the 90 days trading horizon Global Partners LP is expected to generate 0.31 times more return on investment than 443510AK8. However, Global Partners LP is 3.18 times less risky than 443510AK8. It trades about 0.11 of its potential returns per unit of risk. HUBB 23 15 MAR 31 is currently generating about 0.02 per unit of risk. If you would invest 2,101 in Global Partners LP on September 24, 2024 and sell it today you would earn a total of 508.00 from holding Global Partners LP or generate 24.18% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 44.87% |
Values | Daily Returns |
Global Partners LP vs. HUBB 23 15 MAR 31
Performance |
Timeline |
Global Partners LP |
HUBB 23 15 |
Global Partners and 443510AK8 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Global Partners and 443510AK8
The main advantage of trading using opposite Global Partners and 443510AK8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Partners position performs unexpectedly, 443510AK8 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 443510AK8 will offset losses from the drop in 443510AK8's long position.Global Partners vs. Watsco Inc | Global Partners vs. Fastenal Company | Global Partners vs. SiteOne Landscape Supply | Global Partners vs. Ferguson Plc |
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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