Correlation Between Gogoro and Commercial Vehicle
Can any of the company-specific risk be diversified away by investing in both Gogoro and Commercial Vehicle 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 Gogoro and Commercial Vehicle into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gogoro Inc and Commercial Vehicle Group, you can compare the effects of market volatilities on Gogoro and Commercial Vehicle 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 Gogoro with a short position of Commercial Vehicle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gogoro and Commercial Vehicle.
Diversification Opportunities for Gogoro and Commercial Vehicle
0.72 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Gogoro and Commercial is 0.72. Overlapping area represents the amount of risk that can be diversified away by holding Gogoro Inc and Commercial Vehicle Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Commercial Vehicle and Gogoro 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 Gogoro Inc are associated (or correlated) with Commercial Vehicle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Commercial Vehicle has no effect on the direction of Gogoro i.e., Gogoro and Commercial Vehicle go up and down completely randomly.
Pair Corralation between Gogoro and Commercial Vehicle
Considering the 90-day investment horizon Gogoro is expected to generate 2.16 times less return on investment than Commercial Vehicle. But when comparing it to its historical volatility, Gogoro Inc is 1.34 times less risky than Commercial Vehicle. It trades about 0.07 of its potential returns per unit of risk. Commercial Vehicle Group is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 148.00 in Commercial Vehicle Group on September 6, 2025 and sell it today you would earn a total of 15.00 from holding Commercial Vehicle Group or generate 10.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Gogoro Inc vs. Commercial Vehicle Group
Performance |
| Timeline |
| Gogoro Inc |
| Commercial Vehicle |
Gogoro and Commercial Vehicle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gogoro and Commercial Vehicle
The main advantage of trading using opposite Gogoro and Commercial Vehicle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gogoro position performs unexpectedly, Commercial Vehicle 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 Commercial Vehicle will offset losses from the drop in Commercial Vehicle's long position.| Gogoro vs. Video Display | Gogoro vs. Commercial Vehicle Group | Gogoro vs. iShares Physical Metals | Gogoro vs. Fortescue Metals Group |
| Commercial Vehicle vs. CanSino Biologics | Commercial Vehicle vs. China Outfitters Holdings | Commercial Vehicle vs. G III Apparel Group | Commercial Vehicle vs. Jones Soda Co |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
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