Correlation Between Global Partners and 532457CG1
Specify exactly 2 symbols:
By analyzing existing cross correlation between Global Partners LP and LLY 4875 27 FEB 53, you can compare the effects of market volatilities on Global Partners and 532457CG1 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 532457CG1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Partners and 532457CG1.
Diversification Opportunities for Global Partners and 532457CG1
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Global and 532457CG1 is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Global Partners LP and LLY 4875 27 FEB 53 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LLY 4875 27 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 532457CG1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LLY 4875 27 has no effect on the direction of Global Partners i.e., Global Partners and 532457CG1 go up and down completely randomly.
Pair Corralation between Global Partners and 532457CG1
Assuming the 90 days trading horizon Global Partners is expected to generate 1.19 times less return on investment than 532457CG1. But when comparing it to its historical volatility, Global Partners LP is 3.57 times less risky than 532457CG1. It trades about 0.13 of its potential returns per unit of risk. LLY 4875 27 FEB 53 is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 8,700 in LLY 4875 27 FEB 53 on September 24, 2024 and sell it today you would earn a total of 1,219 from holding LLY 4875 27 FEB 53 or generate 14.01% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 98.97% |
Values | Daily Returns |
Global Partners LP vs. LLY 4875 27 FEB 53
Performance |
Timeline |
Global Partners LP |
LLY 4875 27 |
Global Partners and 532457CG1 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Global Partners and 532457CG1
The main advantage of trading using opposite Global Partners and 532457CG1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Partners position performs unexpectedly, 532457CG1 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 532457CG1 will offset losses from the drop in 532457CG1's long position.Global Partners vs. Watsco Inc | Global Partners vs. Fastenal Company | Global Partners vs. SiteOne Landscape Supply | Global Partners vs. Ferguson Plc |
532457CG1 vs. AmTrust Financial Services | 532457CG1 vs. National CineMedia | 532457CG1 vs. Encore Capital Group | 532457CG1 vs. Arrow Financial |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |