Correlation Between Curtiss Wright and Evans Sutherland
Can any of the company-specific risk be diversified away by investing in both Curtiss Wright and Evans Sutherland 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 Curtiss Wright and Evans Sutherland into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Curtiss Wright and Evans Sutherland Computer, you can compare the effects of market volatilities on Curtiss Wright and Evans Sutherland 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 Evans Sutherland. Check out your portfolio center. Please also check ongoing floating volatility patterns of Curtiss Wright and Evans Sutherland.
Diversification Opportunities for Curtiss Wright and Evans Sutherland
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Curtiss and Evans is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Curtiss Wright and Evans Sutherland Computer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Evans Sutherland Computer 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 are associated (or correlated) with Evans Sutherland. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Evans Sutherland Computer has no effect on the direction of Curtiss Wright i.e., Curtiss Wright and Evans Sutherland go up and down completely randomly.
Pair Corralation between Curtiss Wright and Evans Sutherland
If you would invest 25,101 in Curtiss Wright on January 26, 2024 and sell it today you would earn a total of 163.00 from holding Curtiss Wright or generate 0.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Curtiss Wright vs. Evans Sutherland Computer
Performance |
| Timeline |
| Curtiss Wright |
| Evans Sutherland Computer |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Curtiss Wright and Evans Sutherland Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Curtiss Wright and Evans Sutherland
The main advantage of trading using opposite Curtiss Wright and Evans Sutherland positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Curtiss Wright position performs unexpectedly, Evans Sutherland 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 Evans Sutherland will offset losses from the drop in Evans Sutherland's long position.| Curtiss Wright vs. Kaman | Curtiss Wright vs. Innovative Solutions and | Curtiss Wright vs. National Presto Industries | Curtiss Wright vs. Hexcel |
| Evans Sutherland vs. Franklin Wireless Corp | Evans Sutherland vs. Toro Co | Evans Sutherland vs. Stevanato Group SpA | Evans Sutherland vs. Reynolds Consumer Products |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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