Correlation Between Tokyu Construction and GRIFFIN MINING
Can any of the company-specific risk be diversified away by investing in both Tokyu Construction and GRIFFIN MINING 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 Tokyu Construction and GRIFFIN MINING into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tokyu Construction Co and GRIFFIN MINING LTD, you can compare the effects of market volatilities on Tokyu Construction and GRIFFIN MINING 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 Tokyu Construction with a short position of GRIFFIN MINING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tokyu Construction and GRIFFIN MINING.
Diversification Opportunities for Tokyu Construction and GRIFFIN MINING
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Tokyu and GRIFFIN is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Tokyu Construction Co and GRIFFIN MINING LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GRIFFIN MINING LTD and Tokyu Construction 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 Tokyu Construction Co are associated (or correlated) with GRIFFIN MINING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GRIFFIN MINING LTD has no effect on the direction of Tokyu Construction i.e., Tokyu Construction and GRIFFIN MINING go up and down completely randomly.
Pair Corralation between Tokyu Construction and GRIFFIN MINING
Assuming the 90 days horizon Tokyu Construction Co is expected to generate 0.61 times more return on investment than GRIFFIN MINING. However, Tokyu Construction Co is 1.63 times less risky than GRIFFIN MINING. It trades about 0.17 of its potential returns per unit of risk. GRIFFIN MINING LTD is currently generating about 0.03 per unit of risk. If you would invest 492.00 in Tokyu Construction Co on April 25, 2025 and sell it today you would earn a total of 83.00 from holding Tokyu Construction Co or generate 16.87% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Tokyu Construction Co vs. GRIFFIN MINING LTD
Performance |
Timeline |
Tokyu Construction |
GRIFFIN MINING LTD |
Tokyu Construction and GRIFFIN MINING Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Tokyu Construction and GRIFFIN MINING
The main advantage of trading using opposite Tokyu Construction and GRIFFIN MINING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tokyu Construction position performs unexpectedly, GRIFFIN MINING 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 GRIFFIN MINING will offset losses from the drop in GRIFFIN MINING's long position.Tokyu Construction vs. AGF Management Limited | Tokyu Construction vs. Coor Service Management | Tokyu Construction vs. CEOTRONICS | Tokyu Construction vs. Q2M Managementberatung AG |
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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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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