Correlation Between Global Crossing and 126408HH9
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By analyzing existing cross correlation between Global Crossing Airlines and CSX P 325, you can compare the effects of market volatilities on Global Crossing and 126408HH9 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 Crossing with a short position of 126408HH9. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Crossing and 126408HH9.
Diversification Opportunities for Global Crossing and 126408HH9
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Global and 126408HH9 is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Global Crossing Airlines and CSX P 325 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CSX P 325 and Global Crossing 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 Crossing Airlines are associated (or correlated) with 126408HH9. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CSX P 325 has no effect on the direction of Global Crossing i.e., Global Crossing and 126408HH9 go up and down completely randomly.
Pair Corralation between Global Crossing and 126408HH9
Assuming the 90 days horizon Global Crossing Airlines is expected to generate 19.08 times more return on investment than 126408HH9. However, Global Crossing is 19.08 times more volatile than CSX P 325. It trades about 0.19 of its potential returns per unit of risk. CSX P 325 is currently generating about 0.14 per unit of risk. If you would invest 50.00 in Global Crossing Airlines on November 22, 2024 and sell it today you would earn a total of 27.00 from holding Global Crossing Airlines or generate 54.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 96.67% |
Values | Daily Returns |
Global Crossing Airlines vs. CSX P 325
Performance |
Timeline |
Global Crossing Airlines |
CSX P 325 |
Global Crossing and 126408HH9 Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Global Crossing and 126408HH9
The main advantage of trading using opposite Global Crossing and 126408HH9 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Crossing position performs unexpectedly, 126408HH9 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 126408HH9 will offset losses from the drop in 126408HH9's long position.Global Crossing vs. Finnair Oyj | ||
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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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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