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Correlation Between GAZIT GLOBE and International Business

Analyzing existing cross correlation between GAZIT GLOBE and International Business Machines. You can compare the effects of market volatilities on GAZIT GLOBE and International Business 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 GAZIT GLOBE with a short position of International Business. Check out your portfolio center. Please also check ongoing floating volatility patterns of GAZIT GLOBE and International Business.

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Diversification Opportunities for GAZIT GLOBE and International Business

GAZIT GLOBE diversification synergy
0.85
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Very poor diversification

The 3 months correlation between GAZIT and International is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding GAZIT GLOBE and International Business Machine in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on International Business and GAZIT GLOBE 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 GAZIT GLOBE are associated (or correlated) with International Business. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of International Business has no effect on the direction of GAZIT GLOBE i.e. GAZIT GLOBE and International Business go up and down completely randomly.

Pair Corralation between GAZIT GLOBE and International Business

Assuming 30 trading days horizon, GAZIT GLOBE is expected to generate 1.4 times more return on investment than International Business. However, GAZIT GLOBE is 1.4 times more volatile than International Business Machines. It trades about 0.19 of its potential returns per unit of risk. International Business Machines is currently generating about 0.12 per unit of risk. If you would invest  390,000  in GAZIT GLOBE on January 24, 2020 and sell it today you would earn a total of  58,000  from holding GAZIT GLOBE or generate 14.87% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthStrong
Accuracy62.9%
ValuesDaily Returns

GAZIT GLOBE  vs.  International Business Machine

 Performance (%) 
    
  Timeline 
GAZIT GLOBE 
00

Risk-Adjusted Performance

Over the last 30 days GAZIT GLOBE has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat weak basic indicators, GAZIT GLOBE sustained solid returns over the last few months and may actually be approaching a breakup point.
International Business 
77

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in International Business Machines are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days. Even with considerably unsteady technical indicators, International Business may actually be approaching a critical reversion point that can send shares even higher in March 2020.

GAZIT GLOBE and International Business Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Pair Correlation module to compare performance and examine historical correlation between any two equity instruments.