Correlation Between Globavend Holdings and PROSHARES ULTRASHORT
Can any of the company-specific risk be diversified away by investing in both Globavend Holdings and PROSHARES ULTRASHORT 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 Globavend Holdings and PROSHARES ULTRASHORT into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Globavend Holdings Limited and PROSHARES ULTRASHORT RUSSELL, you can compare the effects of market volatilities on Globavend Holdings and PROSHARES ULTRASHORT 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 Globavend Holdings with a short position of PROSHARES ULTRASHORT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Globavend Holdings and PROSHARES ULTRASHORT.
Diversification Opportunities for Globavend Holdings and PROSHARES ULTRASHORT
0.77 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Globavend and PROSHARES is 0.77. Overlapping area represents the amount of risk that can be diversified away by holding Globavend Holdings Limited and PROSHARES ULTRASHORT RUSSELL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PROSHARES ULTRASHORT and Globavend Holdings 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 Globavend Holdings Limited are associated (or correlated) with PROSHARES ULTRASHORT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PROSHARES ULTRASHORT has no effect on the direction of Globavend Holdings i.e., Globavend Holdings and PROSHARES ULTRASHORT go up and down completely randomly.
Pair Corralation between Globavend Holdings and PROSHARES ULTRASHORT
Considering the 90-day investment horizon Globavend Holdings Limited is expected to under-perform the PROSHARES ULTRASHORT. In addition to that, Globavend Holdings is 2.41 times more volatile than PROSHARES ULTRASHORT RUSSELL. It trades about -0.15 of its total potential returns per unit of risk. PROSHARES ULTRASHORT RUSSELL is currently generating about -0.1 per unit of volatility. If you would invest 42.00 in PROSHARES ULTRASHORT RUSSELL on October 9, 2025 and sell it today you would lose (11.00) from holding PROSHARES ULTRASHORT RUSSELL or give up 26.19% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 98.39% |
| Values | Daily Returns |
Globavend Holdings Limited vs. PROSHARES ULTRASHORT RUSSELL
Performance |
| Timeline |
| Globavend Holdings |
| PROSHARES ULTRASHORT |
Globavend Holdings and PROSHARES ULTRASHORT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Globavend Holdings and PROSHARES ULTRASHORT
The main advantage of trading using opposite Globavend Holdings and PROSHARES ULTRASHORT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Globavend Holdings position performs unexpectedly, PROSHARES ULTRASHORT 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 PROSHARES ULTRASHORT will offset losses from the drop in PROSHARES ULTRASHORT's long position.| Globavend Holdings vs. Astrotech Corp | Globavend Holdings vs. Momentus | Globavend Holdings vs. Professional Diversity Network | Globavend Holdings vs. Addentax Group Corp |
| PROSHARES ULTRASHORT vs. Founder Group Limited | PROSHARES ULTRASHORT vs. FBS Global Limited | PROSHARES ULTRASHORT vs. Iveda Solutions | PROSHARES ULTRASHORT vs. Antelope Enterprise Holdings |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets |