Correlation Between Global X and Tema Monopolies
Can any of the company-specific risk be diversified away by investing in both Global X and Tema Monopolies 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 Global X and Tema Monopolies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Global X E commerce and Tema Monopolies and, you can compare the effects of market volatilities on Global X and Tema Monopolies 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 Global X with a short position of Tema Monopolies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Global X and Tema Monopolies.
Diversification Opportunities for Global X and Tema Monopolies
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between Global and Tema is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding Global X E commerce and Tema Monopolies and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tema Monopolies and Global X 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 Global X E commerce are associated (or correlated) with Tema Monopolies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tema Monopolies has no effect on the direction of Global X i.e., Global X and Tema Monopolies go up and down completely randomly.
Pair Corralation between Global X and Tema Monopolies
Given the investment horizon of 90 days Global X is expected to generate 1.44 times less return on investment than Tema Monopolies. In addition to that, Global X is 1.81 times more volatile than Tema Monopolies and. It trades about 0.01 of its total potential returns per unit of risk. Tema Monopolies and is currently generating about 0.02 per unit of volatility. If you would invest 3,450 in Tema Monopolies and on August 13, 2025 and sell it today you would earn a total of 28.00 from holding Tema Monopolies and or generate 0.81% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Global X E commerce vs. Tema Monopolies and
Performance |
| Timeline |
| Global X E |
| Tema Monopolies |
Global X and Tema Monopolies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Global X and Tema Monopolies
The main advantage of trading using opposite Global X and Tema Monopolies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Global X position performs unexpectedly, Tema Monopolies 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 Tema Monopolies will offset losses from the drop in Tema Monopolies' long position.| Global X vs. Global X Aging | Global X vs. KraneShares Hang Seng | Global X vs. Pacer Trendpilot | Global X vs. India Internet Ecommerce |
| Tema Monopolies vs. FT Cboe Vest | Tema Monopolies vs. Cohen Steers Real | Tema Monopolies vs. Unusual Whales Subversive | Tema Monopolies vs. MRP SynthEquity ETF |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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