Two Equities Correlation Analysis
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for Computer Task and NYSE Composite
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Computer and NYSE is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Computer Task Group and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and Computer Task 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 Computer Task Group are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of Computer Task i.e., Computer Task and NYSE Composite go up and down completely randomly.
Pair Corralation between Computer Task and NYSE Composite
Considering the 90-day investment horizon Computer Task Group is expected to generate 2.4 times more return on investment than NYSE Composite. However, Computer Task is 2.4 times more volatile than NYSE Composite. It trades about 0.02 of its potential returns per unit of risk. NYSE Composite is currently generating about 0.02 per unit of risk. If you would invest 970.00 in Computer Task Group on January 24, 2024 and sell it today you would earn a total of 80.00 from holding Computer Task Group or generate 8.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 82.39% |
| Values | Daily Returns |
Computer Task Group vs. NYSE Composite
Performance |
| Timeline |
Computer Task and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
Computer Task Group
Pair trading matchups for Computer Task
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with Computer Task and NYSE Composite
The main advantage of trading using opposite Computer Task and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Computer Task position performs unexpectedly, NYSE Composite 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 NYSE Composite will offset losses from the drop in NYSE Composite's long position.| Computer Task vs. The Hackett Group | Computer Task vs. CSP Inc | Computer Task vs. Clarivate Plc | Computer Task vs. Nayax |
| NYSE Composite vs. The Wendys Co | NYSE Composite vs. Dine Brands Global | NYSE Composite vs. BJs Restaurants | NYSE Composite vs. Rave Restaurant Group |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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