Correlation Between Forge Global and GoPro
Can any of the company-specific risk be diversified away by investing in both Forge Global and GoPro 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 Forge Global and GoPro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Forge Global Holdings and GoPro Inc, you can compare the effects of market volatilities on Forge Global and GoPro 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 Forge Global with a short position of GoPro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Forge Global and GoPro.
Diversification Opportunities for Forge Global and GoPro
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Forge and GoPro is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Forge Global Holdings and GoPro Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GoPro Inc and Forge Global 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 Forge Global Holdings are associated (or correlated) with GoPro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GoPro Inc has no effect on the direction of Forge Global i.e., Forge Global and GoPro go up and down completely randomly.
Pair Corralation between Forge Global and GoPro
Given the investment horizon of 90 days Forge Global Holdings is expected to generate 1.16 times more return on investment than GoPro. However, Forge Global is 1.16 times more volatile than GoPro Inc. It trades about 0.17 of its potential returns per unit of risk. GoPro Inc is currently generating about 0.09 per unit of risk. If you would invest 1,967 in Forge Global Holdings on August 20, 2025 and sell it today you would earn a total of 2,444 from holding Forge Global Holdings or generate 124.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Forge Global Holdings vs. GoPro Inc
Performance |
| Timeline |
| Forge Global Holdings |
| GoPro Inc |
Forge Global and GoPro Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Forge Global and GoPro
The main advantage of trading using opposite Forge Global and GoPro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Forge Global position performs unexpectedly, GoPro 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 GoPro will offset losses from the drop in GoPro's long position.| Forge Global vs. Rekor Systems | Forge Global vs. Oneconnect Financial Technology | Forge Global vs. Palladyne AI Corp | Forge Global vs. ALT5 Sigma |
| GoPro vs. Vuzix Corp Cmn | GoPro vs. Oneconnect Financial Technology | GoPro vs. ALT5 Sigma | GoPro vs. Turtle Beach |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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