Pair Correlation Between Curtiss Wright and Agilent Technologies

This module allows you to analyze existing cross correlation between Curtiss Wright Corporation and Agilent Technologies Inc. You can compare the effects of market volatilities on Curtiss Wright and Agilent Technologies 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 Curtiss Wright with a short position of Agilent Technologies. See also your portfolio center. Please also check ongoing floating volatility patterns of Curtiss Wright and Agilent Technologies.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Curtiss Wright Corp.  vs   Agilent Technologies Inc
 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Curtiss Wright Corporation is expected to generate 1.22 times more return on investment than Agilent Technologies. However, Curtiss Wright is 1.22 times more volatile than Agilent Technologies Inc. It trades about 0.42 of its potential returns per unit of risk. Agilent Technologies Inc is currently generating about 0.07 per unit of risk. If you would invest  10,366  in Curtiss Wright Corporation on September 20, 2017 and sell it today you would earn a total of  951  from holding Curtiss Wright Corporation or generate 9.17% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Curtiss Wright and Agilent Technologies
0.75

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Curtiss Wright

  
28 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Curtiss Wright Corporation are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days.

Agilent Technologies Inc

  
4 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies Inc are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.