Correlation Between CCA Industries and Under Armour
Can any of the company-specific risk be diversified away by investing in both CCA Industries and Under Armour 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 Under Armour into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CCA Industries and Under Armour C, you can compare the effects of market volatilities on CCA Industries and Under Armour 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 Under Armour. Check out your portfolio center. Please also check ongoing floating volatility patterns of CCA Industries and Under Armour.
Diversification Opportunities for CCA Industries and Under Armour
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CCA and Under is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CCA Industries and Under Armour C in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Under Armour C 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 Under Armour. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Under Armour C has no effect on the direction of CCA Industries i.e., CCA Industries and Under Armour go up and down completely randomly.
Pair Corralation between CCA Industries and Under Armour
If you would invest (100.00) in CCA Industries on February 13, 2024 and sell it today you would earn a total of 100.00 from holding CCA Industries or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
CCA Industries vs. Under Armour C
Performance |
| Timeline |
| CCA Industries |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Under Armour C |
CCA Industries and Under Armour Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CCA Industries and Under Armour
The main advantage of trading using opposite CCA Industries and Under Armour positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CCA Industries position performs unexpectedly, Under Armour 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 Under Armour will offset losses from the drop in Under Armour's long position.| CCA Industries vs. AerCap Holdings NV | CCA Industries vs. Porvair plc | CCA Industries vs. Alta Equipment Group | CCA Industries vs. China Aircraft Leasing |
| Under Armour vs. Levi Strauss Co | Under Armour vs. Columbia Sportswear | Under Armour vs. Hanesbrands | Under Armour vs. PVH Corp |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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