Correlation Between GEE and ShiftPixy
Can any of the company-specific risk be diversified away by investing in both GEE and ShiftPixy at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining GEE and ShiftPixy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GEE Group and ShiftPixy, you can compare the effects of market volatilities on GEE and ShiftPixy 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 GEE with a short position of ShiftPixy. Check out your portfolio center. Please also check ongoing floating volatility patterns of GEE and ShiftPixy.
Diversification Opportunities for GEE and ShiftPixy
Pay attention - limited upside
The 3 months correlation between GEE and ShiftPixy is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GEE Group and ShiftPixy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ShiftPixy and GEE 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 GEE Group are associated (or correlated) with ShiftPixy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ShiftPixy has no effect on the direction of GEE i.e., GEE and ShiftPixy go up and down completely randomly.
Pair Corralation between GEE and ShiftPixy
If you would invest (100.00) in ShiftPixy on December 5, 2024 and sell it today you would earn a total of 100.00 from holding ShiftPixy or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
GEE Group vs. ShiftPixy
Performance |
Timeline |
GEE Group |
ShiftPixy |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
GEE and ShiftPixy Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with GEE and ShiftPixy
The main advantage of trading using opposite GEE and ShiftPixy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GEE position performs unexpectedly, ShiftPixy 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 ShiftPixy will offset losses from the drop in ShiftPixy's long position.The idea behind GEE Group and ShiftPixy pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.ShiftPixy vs. GEE Group | ShiftPixy vs. The Caldwell Partners | ShiftPixy vs. Trucept | ShiftPixy vs. Futuris Company |
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 CEOs Directory module to screen CEOs from public companies around the world.
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