Correlation Analysis Between CCA Industries and Colgate Palmolive

This module allows you to analyze existing cross correlation between CCA Industries and Colgate Palmolive Company. You can compare the effects of market volatilities on CCA Industries and Colgate Palmolive 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 Colgate Palmolive. See also your portfolio center. Please also check ongoing floating volatility patterns of CCA Industries and Colgate Palmolive.
Horizon     30 Days    Login   to change
Symbolsvs

CCA Industries Inc  vs.  Colgate Palmolive Company

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, CCA Industries is expected to generate 6.36 times more return on investment than Colgate Palmolive. However, CCA Industries is 6.36 times more volatile than Colgate Palmolive Company. It trades about 0.06 of its potential returns per unit of risk. Colgate Palmolive Company is currently generating about 0.25 per unit of risk. If you would invest  279.99  in CCA Industries on August 23, 2018 and sell it today you would earn a total of  10.01  from holding CCA Industries or generate 3.58% return on investment over 30 days.

Pair Corralation between CCA Industries and Colgate Palmolive

-0.6
Time Period1 Month [change]
DirectionNegative 
StrengthWeak
Accuracy91.67%
ValuesDaily Returns

Diversification

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding CCA Industries Inc and Colgate Palmolive Company in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Colgate Palmolive 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 Colgate Palmolive. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Colgate Palmolive has no effect on the direction of CCA Industries i.e. CCA Industries and Colgate Palmolive go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
CCA Industries  
3 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in CCA Industries are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
Colgate Palmolive  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Colgate Palmolive Company are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.

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