Correlation Between Discovery and Gan Shmuel
Can any of the company-specific risk be diversified away by investing in both Discovery and Gan Shmuel 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 Discovery and Gan Shmuel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Discovery and Gan Shmuel, you can compare the effects of market volatilities on Discovery and Gan Shmuel 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 Discovery with a short position of Gan Shmuel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Discovery and Gan Shmuel.
Diversification Opportunities for Discovery and Gan Shmuel
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Discovery and Gan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Discovery and Gan Shmuel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gan Shmuel and Discovery 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 Discovery are associated (or correlated) with Gan Shmuel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gan Shmuel has no effect on the direction of Discovery i.e., Discovery and Gan Shmuel go up and down completely randomly.
Pair Corralation between Discovery and Gan Shmuel
If you would invest 171,072 in Gan Shmuel on January 26, 2024 and sell it today you would earn a total of 80,528 from holding Gan Shmuel or generate 47.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Discovery vs. Gan Shmuel
Performance |
| Timeline |
| Discovery |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Gan Shmuel |
Discovery and Gan Shmuel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Discovery and Gan Shmuel
The main advantage of trading using opposite Discovery and Gan Shmuel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Discovery position performs unexpectedly, Gan Shmuel 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 Gan Shmuel will offset losses from the drop in Gan Shmuel's long position.| Discovery vs. Merit Medical Systems | Discovery vs. Skyworks Solutions | Discovery vs. 908 Devices | Discovery vs. Renesas Electronics |
| Gan Shmuel vs. Bezeq Israeli Telecommunication | Gan Shmuel vs. Bank Hapoalim | Gan Shmuel vs. Bank Leumi Le Israel | Gan Shmuel vs. Israel Discount Bank |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
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