Correlation Between Tesla and GREENWICH ASSET
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By analyzing existing cross correlation between Tesla Inc and GREENWICH ASSET ETF, you can compare the effects of market volatilities on Tesla and GREENWICH ASSET 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 Tesla with a short position of GREENWICH ASSET. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tesla and GREENWICH ASSET.
Diversification Opportunities for Tesla and GREENWICH ASSET
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Tesla and GREENWICH is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Tesla Inc and GREENWICH ASSET ETF in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GREENWICH ASSET ETF and Tesla 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 Tesla Inc are associated (or correlated) with GREENWICH ASSET. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GREENWICH ASSET ETF has no effect on the direction of Tesla i.e., Tesla and GREENWICH ASSET go up and down completely randomly.
Pair Corralation between Tesla and GREENWICH ASSET
Given the investment horizon of 90 days Tesla Inc is expected to generate 0.43 times more return on investment than GREENWICH ASSET. However, Tesla Inc is 2.3 times less risky than GREENWICH ASSET. It trades about 0.05 of its potential returns per unit of risk. GREENWICH ASSET ETF is currently generating about -0.04 per unit of risk. If you would invest 32,643 in Tesla Inc on June 11, 2025 and sell it today you would earn a total of 1,997 from holding Tesla Inc or generate 6.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 98.39% |
| Values | Daily Returns |
Tesla Inc vs. GREENWICH ASSET ETF
Performance |
| Timeline |
| Tesla Inc |
| GREENWICH ASSET ETF |
Tesla and GREENWICH ASSET Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tesla and GREENWICH ASSET
The main advantage of trading using opposite Tesla and GREENWICH ASSET positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tesla position performs unexpectedly, GREENWICH ASSET 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 GREENWICH ASSET will offset losses from the drop in GREENWICH ASSET's long position.The idea behind Tesla Inc and GREENWICH ASSET ETF 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.| GREENWICH ASSET vs. GUINEA INSURANCE PLC | GREENWICH ASSET vs. ALUMINIUM EXTRUSION IND | GREENWICH ASSET vs. VITAFOAM NIGERIA PLC | GREENWICH ASSET vs. JAPAUL OIL MARITIME |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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