Correlation Between CCA Industries and Acme United
Can any of the company-specific risk be diversified away by investing in both CCA Industries and Acme United 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 CCA Industries and Acme United into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CCA Industries and Acme United, you can compare the effects of market volatilities on CCA Industries and Acme United 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 CCA Industries with a short position of Acme United. Check out your portfolio center. Please also check ongoing floating volatility patterns of CCA Industries and Acme United.
Diversification Opportunities for CCA Industries and Acme United
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CCA and Acme is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CCA Industries and Acme United in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Acme United and CCA Industries 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 CCA Industries are associated (or correlated) with Acme United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Acme United has no effect on the direction of CCA Industries i.e., CCA Industries and Acme United go up and down completely randomly.
Pair Corralation between CCA Industries and Acme United
If you would invest 0.00 in CCA Industries on January 24, 2024 and sell it today you would earn a total of 0.00 from holding CCA Industries or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 2.44% |
| Values | Daily Returns |
CCA Industries vs. Acme United
Performance |
| Timeline |
| CCA Industries |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Acme United |
CCA Industries and Acme United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CCA Industries and Acme United
The main advantage of trading using opposite CCA Industries and Acme United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CCA Industries position performs unexpectedly, Acme United 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 Acme United will offset losses from the drop in Acme United's long position.| CCA Industries vs. CanSino Biologics | CCA Industries vs. Insteel Industries | CCA Industries vs. Molson Coors Brewing | CCA Industries vs. Vita Coco |
| Acme United vs. Mannatech Incorporated | Acme United vs. European Wax Center | Acme United vs. Inter Parfums | Acme United vs. Spectrum Brands 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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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