Correlation Between Workpoint Entertainment and Grande Hospitality
Specify exactly 2 symbols:
By analyzing existing cross correlation between Workpoint Entertainment Public and Grande Hospitality Real, you can compare the effects of market volatilities on Workpoint Entertainment and Grande Hospitality 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 Workpoint Entertainment with a short position of Grande Hospitality. Check out your portfolio center. Please also check ongoing floating volatility patterns of Workpoint Entertainment and Grande Hospitality.
Diversification Opportunities for Workpoint Entertainment and Grande Hospitality
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Workpoint and Grande is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Workpoint Entertainment Public and Grande Hospitality Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grande Hospitality Real and Workpoint Entertainment 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 Workpoint Entertainment Public are associated (or correlated) with Grande Hospitality. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grande Hospitality Real has no effect on the direction of Workpoint Entertainment i.e., Workpoint Entertainment and Grande Hospitality go up and down completely randomly.
Pair Corralation between Workpoint Entertainment and Grande Hospitality
Assuming the 90 days trading horizon Workpoint Entertainment Public is expected to under-perform the Grande Hospitality. In addition to that, Workpoint Entertainment is 1.26 times more volatile than Grande Hospitality Real. It trades about -0.42 of its total potential returns per unit of risk. Grande Hospitality Real is currently generating about 0.04 per unit of volatility. If you would invest 680.00 in Grande Hospitality Real on September 15, 2024 and sell it today you would earn a total of 15.00 from holding Grande Hospitality Real or generate 2.21% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Weak |
Accuracy | 100.0% |
Values | Daily Returns |
Workpoint Entertainment Public vs. Grande Hospitality Real
Performance |
Timeline |
Workpoint Entertainment |
Grande Hospitality Real |
Workpoint Entertainment and Grande Hospitality Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Workpoint Entertainment and Grande Hospitality
The main advantage of trading using opposite Workpoint Entertainment and Grande Hospitality positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Workpoint Entertainment position performs unexpectedly, Grande Hospitality 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 Grande Hospitality will offset losses from the drop in Grande Hospitality's long position.Workpoint Entertainment vs. BEC World Public | Workpoint Entertainment vs. Beauty Community Public | Workpoint Entertainment vs. Major Cineplex Group | Workpoint Entertainment vs. True Public |
Grande Hospitality vs. Quality Construction Products | Grande Hospitality vs. Workpoint Entertainment Public | Grande Hospitality vs. PMC LABEL MATERIALS | Grande Hospitality vs. Premier Technology Public |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
Other Complementary Tools
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets |