Correlation Between Global Crossing and TGS Esports

Can any of the company-specific risk be diversified away by investing in both Global Crossing and TGS Esports 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 Global Crossing and TGS Esports into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Global Crossing Airlines and TGS Esports, you can compare the effects of market volatilities on Global Crossing and TGS Esports 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 TGS Esports. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global Crossing and TGS Esports.

Diversification Opportunities for Global Crossing and TGS Esports

0.0

Correlation Coefficient

Global Crossing  TGS Esports

Pay attention - limited upside

The 3 months correlation between Global and TGS is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Global Crossing Airlines and TGS Esports in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TGS Esports 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 TGS Esports. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TGS Esports has no effect on the direction of Global Crossing i.e., Global Crossing and TGS Esports go up and down completely randomly.

Pair Corralation between Global Crossing and TGS Esports

If you would invest  83.00  in Global Crossing Airlines on April 20, 2025 and sell it today you would lose (1.00) from holding Global Crossing Airlines or give up 1.2% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Global Crossing Airlines  vs.  TGS Esports

Global Crossing Airlines

Risk-Adjusted Performance

Very Weak

Over the last 90 days Global Crossing Airlines has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy basic indicators, Global Crossing is not utilizing all of its potentials. The recent stock price disarray, may contribute to short-term losses for the investors.

TGS Esports

Risk-Adjusted Performance

Very Weak

Over the last 90 days TGS Esports has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly stable basic indicators, TGS Esports is not utilizing all of its potentials. The recent stock price fuss, may contribute to near-short-term losses for the sophisticated investors.

Pair Trading with Global Crossing and TGS Esports

The main advantage of trading using opposite Global Crossing and TGS Esports positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global Crossing position performs unexpectedly, TGS Esports 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 TGS Esports will offset losses from the drop in TGS Esports' long position.

The idea behind Global Crossing Airlines and TGS Esports 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.

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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.