Correlation Between Greenwich Lifesciences and Intel Corp

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Greenwich Lifesciences and Intel Corp 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 Greenwich Lifesciences and Intel Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Greenwich Lifesciences and Intel Corp, you can compare the effects of market volatilities on Greenwich Lifesciences and Intel Corp 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 Greenwich Lifesciences with a short position of Intel Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Greenwich Lifesciences and Intel Corp.

Diversification Opportunities for Greenwich Lifesciences and Intel Corp

-0.2
  Correlation Coefficient

Good diversification

The 3 months correlation between Greenwich and Intel is -0.2. Overlapping area represents the amount of risk that can be diversified away by holding Greenwich Lifesciences and Intel Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intel Corp and Greenwich Lifesciences 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 Greenwich Lifesciences are associated (or correlated) with Intel Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intel Corp has no effect on the direction of Greenwich Lifesciences i.e., Greenwich Lifesciences and Intel Corp go up and down completely randomly.

Pair Corralation between Greenwich Lifesciences and Intel Corp

Given the investment horizon of 90 days Greenwich Lifesciences is expected to generate 2.98 times more return on investment than Intel Corp. However, Greenwich Lifesciences is 2.98 times more volatile than Intel Corp. It trades about -0.06 of its potential returns per unit of risk. Intel Corp is currently generating about -0.21 per unit of risk. If you would invest  2,036  in Greenwich Lifesciences on July 2, 2022 and sell it today you would lose (1,089)  from holding Greenwich Lifesciences or give up 53.49% of portfolio value over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Greenwich Lifesciences  vs.  Intel Corp

 Performance (%) 
       Timeline  
Greenwich Lifesciences 
Greenwich Performance
3 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Greenwich Lifesciences are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Despite nearly unsteady basic indicators, Greenwich Lifesciences reported solid returns over the last few months and may actually be approaching a breakup point.

Greenwich Price Channel

Intel Corp 
Intel Performance
0 of 100
Over the last 90 days Intel Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite conflicting performance in the last few months, the Stock's basic indicators remain somewhat strong which may send shares a bit higher in October 2022. The current disturbance may also be a sign of long term up-swing for the company investors.

Intel Price Channel

Greenwich Lifesciences and Intel Corp Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Greenwich Lifesciences and Intel Corp

The main advantage of trading using opposite Greenwich Lifesciences and Intel Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Greenwich Lifesciences position performs unexpectedly, Intel Corp 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 Intel Corp will offset losses from the drop in Intel Corp's long position.
Greenwich Lifesciences vs. Sempra
Greenwich Lifesciences vs. Southern Company
Greenwich Lifesciences vs. Consolidated Edison
Greenwich Lifesciences vs. Eon Ag ADR
The idea behind Greenwich Lifesciences and Intel Corp 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.
Intel Corp vs. Amazon Inc
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.

Other Complementary Tools

Portfolio Backtesting
Avoid under-diversification and over-optimization by backtesting your portfolios
Go
Portfolio Diagnostics
Use generated alerts and portfolio events aggregator to diagnose current holdings
Go
Stock Screener
Find equities using custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook.
Go
Idea Breakdown
Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes
Go
Global Markets Map
Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes
Go
Fundamental Analysis
View fundamental data based on most recent published financial statements
Go
ETF Directory
Find actively traded Exchange Traded Funds (ETF) from around the world
Go