Correlation Between Robert Half and GEE

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Can any of the company-specific risk be diversified away by investing in both Robert Half and GEE 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 Robert Half and GEE into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Robert Half International and GEE Group, you can compare the effects of market volatilities on Robert Half and GEE 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 Robert Half with a short position of GEE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Robert Half and GEE.

Diversification Opportunities for Robert Half and GEE

-0.03
  Correlation Coefficient

Good diversification

The 3 months correlation between Robert and GEE is -0.03. Overlapping area represents the amount of risk that can be diversified away by holding Robert Half International and GEE Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GEE Group and Robert Half 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 Robert Half International are associated (or correlated) with GEE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GEE Group has no effect on the direction of Robert Half i.e., Robert Half and GEE go up and down completely randomly.

Pair Corralation between Robert Half and GEE

Considering the 90-day investment horizon Robert Half International is expected to generate 0.66 times more return on investment than GEE. However, Robert Half International is 1.51 times less risky than GEE. It trades about 0.39 of its potential returns per unit of risk. GEE Group is currently generating about 0.09 per unit of risk. If you would invest  7,387  in Robert Half International on October 30, 2022 and sell it today you would earn a total of  1,133  from holding Robert Half International or generate 15.34% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Robert Half International  vs.  GEE Group

 Performance (%) 
       Timeline  
Robert Half International 
Robert Performance
7 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Robert Half International are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Despite nearly sluggish technical indicators, Robert Half reported solid returns over the last few months and may actually be approaching a breakup point.

Robert Price Channel

GEE Group 
GEE Performance
0 of 100
Over the last 90 days GEE Group has generated negative risk-adjusted returns adding no value to investors with long positions. Despite sluggish performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in February 2023. The current disturbance may also be a sign of long term up-swing for the company investors.

GEE Price Channel

Robert Half and GEE Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Robert Half and GEE

The main advantage of trading using opposite Robert Half and GEE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Robert Half position performs unexpectedly, GEE 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 GEE will offset losses from the drop in GEE's long position.
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The idea behind Robert Half International and GEE Group pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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GEE vs. Acco Brands
GEE vs. Acacia Research
GEE vs. Acme United
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 Portfolio Comparator module to compare the composition, asset allocations and performance of any two portfolios in your account.

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