Correlation Between GCL Global and Trugolf
Can any of the company-specific risk be diversified away by investing in both GCL Global and Trugolf 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 GCL Global and Trugolf into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GCL Global Holdings and Trugolf, you can compare the effects of market volatilities on GCL Global and Trugolf 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 GCL Global with a short position of Trugolf. Check out your portfolio center. Please also check ongoing floating volatility patterns of GCL Global and Trugolf.
Diversification Opportunities for GCL Global and Trugolf
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between GCL and Trugolf is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding GCL Global Holdings and Trugolf in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Trugolf and GCL 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 GCL Global Holdings are associated (or correlated) with Trugolf. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Trugolf has no effect on the direction of GCL Global i.e., GCL Global and Trugolf go up and down completely randomly.
Pair Corralation between GCL Global and Trugolf
Considering the 90-day investment horizon GCL Global Holdings is expected to generate 0.46 times more return on investment than Trugolf. However, GCL Global Holdings is 2.18 times less risky than Trugolf. It trades about 0.11 of its potential returns per unit of risk. Trugolf is currently generating about -0.18 per unit of risk. If you would invest 245.00 in GCL Global Holdings on June 9, 2025 and sell it today you would earn a total of 64.00 from holding GCL Global Holdings or generate 26.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
GCL Global Holdings vs. Trugolf
Performance |
| Timeline |
| GCL Global Holdings |
| Trugolf |
GCL Global and Trugolf Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GCL Global and Trugolf
The main advantage of trading using opposite GCL Global and Trugolf positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GCL Global position performs unexpectedly, Trugolf 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 Trugolf will offset losses from the drop in Trugolf's long position.| GCL Global vs. Electronic Arts | GCL Global vs. GCL Global Holdings | GCL Global vs. Nexters Warrant | GCL Global vs. Doubledown Interactive Co |
| Trugolf vs. Delek Energy | Trugolf vs. AMCON Distributing | Trugolf vs. Sun Art Retail | Trugolf vs. Performance Food Group |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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