Correlation Between Curtiss Wright and FLIR Systems
Can any of the company-specific risk be diversified away by investing in both Curtiss Wright and FLIR Systems 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 FLIR Systems into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Curtiss Wright and FLIR Systems, you can compare the effects of market volatilities on Curtiss Wright and FLIR Systems 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 FLIR Systems. Check out your portfolio center. Please also check ongoing floating volatility patterns of Curtiss Wright and FLIR Systems.
Diversification Opportunities for Curtiss Wright and FLIR Systems
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Curtiss and FLIR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Curtiss Wright and FLIR Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FLIR Systems 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 FLIR Systems. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FLIR Systems has no effect on the direction of Curtiss Wright i.e., Curtiss Wright and FLIR Systems go up and down completely randomly.
Pair Corralation between Curtiss Wright and FLIR Systems
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. FLIR Systems
Performance |
| Timeline |
| Curtiss Wright |
| FLIR Systems |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Curtiss Wright and FLIR Systems Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Curtiss Wright and FLIR Systems
The main advantage of trading using opposite Curtiss Wright and FLIR Systems positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Curtiss Wright position performs unexpectedly, FLIR Systems 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 FLIR Systems will offset losses from the drop in FLIR Systems' long position.| Curtiss Wright vs. Kaman | Curtiss Wright vs. Innovative Solutions and | Curtiss Wright vs. National Presto Industries | Curtiss Wright vs. Hexcel |
| FLIR Systems vs. Mannatech Incorporated | FLIR Systems vs. Ecolab Inc | FLIR Systems vs. Dow Inc | FLIR Systems vs. Avient 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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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