Correlation Between Slate Grocery and Global Crossing
Can any of the company-specific risk be diversified away by investing in both Slate Grocery and Global Crossing 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 Slate Grocery and Global Crossing into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Slate Grocery REIT and Global Crossing Airlines, you can compare the effects of market volatilities on Slate Grocery and Global Crossing 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 Slate Grocery with a short position of Global Crossing. Check out your portfolio center. Please also check ongoing floating volatility patterns of Slate Grocery and Global Crossing.
Diversification Opportunities for Slate Grocery and Global Crossing
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Slate and Global is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Slate Grocery REIT and Global Crossing Airlines in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Global Crossing Airlines and Slate Grocery 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 Slate Grocery REIT are associated (or correlated) with Global Crossing. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Global Crossing Airlines has no effect on the direction of Slate Grocery i.e., Slate Grocery and Global Crossing go up and down completely randomly.
Pair Corralation between Slate Grocery and Global Crossing
Assuming the 90 days trading horizon Slate Grocery REIT is expected to generate 0.29 times more return on investment than Global Crossing. However, Slate Grocery REIT is 3.45 times less risky than Global Crossing. It trades about 0.16 of its potential returns per unit of risk. Global Crossing Airlines is currently generating about 0.01 per unit of risk. If you would invest 962.00 in Slate Grocery REIT on April 23, 2025 and sell it today you would earn a total of 96.00 from holding Slate Grocery REIT or generate 9.98% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Slate Grocery REIT vs. Global Crossing Airlines
Performance |
Timeline |
Slate Grocery REIT |
Global Crossing Airlines |
Slate Grocery and Global Crossing Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Slate Grocery and Global Crossing
The main advantage of trading using opposite Slate Grocery and Global Crossing positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Slate Grocery position performs unexpectedly, Global Crossing 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 Global Crossing will offset losses from the drop in Global Crossing's long position.Slate Grocery vs. GoldQuest Mining Corp | Slate Grocery vs. Galway Metals | Slate Grocery vs. BluMetric Environmental | Slate Grocery vs. Element Fleet Management |
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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