Correlation Between Global Ship and NESNVX
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By analyzing existing cross correlation between Global Ship Lease and NESNVX 485 14 MAR 33, you can compare the effects of market volatilities on Global Ship and NESNVX 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 Ship with a short position of NESNVX. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Ship and NESNVX.
Diversification Opportunities for Global Ship and NESNVX
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Global and NESNVX is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Global Ship Lease and NESNVX 485 14 MAR 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NESNVX 485 14 and Global Ship 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 Ship Lease are associated (or correlated) with NESNVX. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NESNVX 485 14 has no effect on the direction of Global Ship i.e., Global Ship and NESNVX go up and down completely randomly.
Pair Corralation between Global Ship and NESNVX
Assuming the 90 days trading horizon Global Ship Lease is expected to generate 4.0 times more return on investment than NESNVX. However, Global Ship is 4.0 times more volatile than NESNVX 485 14 MAR 33. It trades about 0.13 of its potential returns per unit of risk. NESNVX 485 14 MAR 33 is currently generating about -0.2 per unit of risk. If you would invest 2,576 in Global Ship Lease on September 25, 2024 and sell it today you would earn a total of 46.00 from holding Global Ship Lease or generate 1.79% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 28.57% |
Values | Daily Returns |
Global Ship Lease vs. NESNVX 485 14 MAR 33
Performance |
Timeline |
Global Ship Lease |
NESNVX 485 14 |
Global Ship and NESNVX Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Global Ship and NESNVX
The main advantage of trading using opposite Global Ship and NESNVX positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Ship position performs unexpectedly, NESNVX 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 NESNVX will offset losses from the drop in NESNVX's long position.Global Ship vs. Diana Shipping | Global Ship vs. Costamare | Global Ship vs. Costamare | Global Ship vs. Costamare |
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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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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