Correlation Between INDUSTRIAL MEDICAL and GOLDEN GUINEA

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Can any of the company-specific risk be diversified away by investing in both INDUSTRIAL MEDICAL and GOLDEN GUINEA 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 INDUSTRIAL MEDICAL and GOLDEN GUINEA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between INDUSTRIAL MEDICAL GASES and GOLDEN GUINEA BREWERIES, you can compare the effects of market volatilities on INDUSTRIAL MEDICAL and GOLDEN GUINEA 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 INDUSTRIAL MEDICAL with a short position of GOLDEN GUINEA. Check out your portfolio center. Please also check ongoing floating volatility patterns of INDUSTRIAL MEDICAL and GOLDEN GUINEA.

Diversification Opportunities for INDUSTRIAL MEDICAL and GOLDEN GUINEA

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between INDUSTRIAL and GOLDEN is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding INDUSTRIAL MEDICAL GASES and GOLDEN GUINEA BREWERIES in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GOLDEN GUINEA BREWERIES and INDUSTRIAL MEDICAL 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 INDUSTRIAL MEDICAL GASES are associated (or correlated) with GOLDEN GUINEA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GOLDEN GUINEA BREWERIES has no effect on the direction of INDUSTRIAL MEDICAL i.e., INDUSTRIAL MEDICAL and GOLDEN GUINEA go up and down completely randomly.

Pair Corralation between INDUSTRIAL MEDICAL and GOLDEN GUINEA

If you would invest  3,590  in INDUSTRIAL MEDICAL GASES on May 28, 2025 and sell it today you would earn a total of  110.00  from holding INDUSTRIAL MEDICAL GASES or generate 3.06% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

INDUSTRIAL MEDICAL GASES  vs.  GOLDEN GUINEA BREWERIES

 Performance 
       Timeline  
INDUSTRIAL MEDICAL GASES 

Risk-Adjusted Performance

Weak

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in INDUSTRIAL MEDICAL GASES are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of comparatively uncertain basic indicators, INDUSTRIAL MEDICAL may actually be approaching a critical reversion point that can send shares even higher in September 2025.
GOLDEN GUINEA BREWERIES 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days GOLDEN GUINEA BREWERIES has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound technical and fundamental indicators, GOLDEN GUINEA is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.

INDUSTRIAL MEDICAL and GOLDEN GUINEA Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with INDUSTRIAL MEDICAL and GOLDEN GUINEA

The main advantage of trading using opposite INDUSTRIAL MEDICAL and GOLDEN GUINEA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INDUSTRIAL MEDICAL position performs unexpectedly, GOLDEN GUINEA 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 GOLDEN GUINEA will offset losses from the drop in GOLDEN GUINEA's long position.
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The idea behind INDUSTRIAL MEDICAL GASES and GOLDEN GUINEA BREWERIES pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.

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