Correlation Between GFC Green and ICL Israel
Can any of the company-specific risk be diversified away by investing in both GFC Green and ICL Israel 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 GFC Green and ICL Israel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GFC Green Fields and ICL Israel Chemicals, you can compare the effects of market volatilities on GFC Green and ICL Israel 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 GFC Green with a short position of ICL Israel. Check out your portfolio center. Please also check ongoing floating volatility patterns of GFC Green and ICL Israel.
Diversification Opportunities for GFC Green and ICL Israel
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GFC and ICL is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GFC Green Fields and ICL Israel Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ICL Israel Chemicals and GFC Green 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 GFC Green Fields are associated (or correlated) with ICL Israel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ICL Israel Chemicals has no effect on the direction of GFC Green i.e., GFC Green and ICL Israel go up and down completely randomly.
Pair Corralation between GFC Green and ICL Israel
If you would invest 164,426 in ICL Israel Chemicals on February 11, 2024 and sell it today you would earn a total of 13,574 from holding ICL Israel Chemicals or generate 8.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
GFC Green Fields vs. ICL Israel Chemicals
Performance |
| Timeline |
| GFC Green Fields |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| ICL Israel Chemicals |
GFC Green and ICL Israel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GFC Green and ICL Israel
The main advantage of trading using opposite GFC Green and ICL Israel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GFC Green position performs unexpectedly, ICL Israel 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 ICL Israel will offset losses from the drop in ICL Israel's long position.| GFC Green vs. Batm Advanced Communications | GFC Green vs. RSL Electronics | GFC Green vs. B Communications | GFC Green vs. MEITAV INVESTMENTS HOUSE |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |