Correlation Between Global Partners and 49327M3F9
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By analyzing existing cross correlation between Global Partners LP and KEY 585 15 NOV 27, you can compare the effects of market volatilities on Global Partners and 49327M3F9 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 49327M3F9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Partners and 49327M3F9.
Diversification Opportunities for Global Partners and 49327M3F9
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Global and 49327M3F9 is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Global Partners LP and KEY 585 15 NOV 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KEY 585 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 49327M3F9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KEY 585 15 has no effect on the direction of Global Partners i.e., Global Partners and 49327M3F9 go up and down completely randomly.
Pair Corralation between Global Partners and 49327M3F9
Assuming the 90 days trading horizon Global Partners LP is expected to generate 0.66 times more return on investment than 49327M3F9. However, Global Partners LP is 1.52 times less risky than 49327M3F9. It trades about 0.11 of its potential returns per unit of risk. KEY 585 15 NOV 27 is currently generating about 0.0 per unit of risk. If you would invest 2,398 in Global Partners LP on September 25, 2024 and sell it today you would earn a total of 215.00 from holding Global Partners LP or generate 8.97% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 89.92% |
Values | Daily Returns |
Global Partners LP vs. KEY 585 15 NOV 27
Performance |
Timeline |
Global Partners LP |
KEY 585 15 |
Global Partners and 49327M3F9 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Global Partners and 49327M3F9
The main advantage of trading using opposite Global Partners and 49327M3F9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Partners position performs unexpectedly, 49327M3F9 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 49327M3F9 will offset losses from the drop in 49327M3F9'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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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