Correlation Between Cyalume Technologies and United Parcel
Can any of the company-specific risk be diversified away by investing in both Cyalume Technologies and United Parcel 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 Cyalume Technologies and United Parcel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cyalume Technologies Holdings and United Parcel Service, you can compare the effects of market volatilities on Cyalume Technologies and United Parcel 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 Cyalume Technologies with a short position of United Parcel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cyalume Technologies and United Parcel.
Diversification Opportunities for Cyalume Technologies and United Parcel
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cyalume and United is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cyalume Technologies Holdings and United Parcel Service in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United Parcel Service and Cyalume Technologies 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 Cyalume Technologies Holdings are associated (or correlated) with United Parcel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United Parcel Service has no effect on the direction of Cyalume Technologies i.e., Cyalume Technologies and United Parcel go up and down completely randomly.
Pair Corralation between Cyalume Technologies and United Parcel
If you would invest (100.00) in Cyalume Technologies Holdings on January 26, 2024 and sell it today you would earn a total of 100.00 from holding Cyalume Technologies Holdings 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 |
Cyalume Technologies Holdings vs. United Parcel Service
Performance |
| Timeline |
| Cyalume Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| United Parcel Service |
Cyalume Technologies and United Parcel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cyalume Technologies and United Parcel
The main advantage of trading using opposite Cyalume Technologies and United Parcel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cyalume Technologies position performs unexpectedly, United Parcel 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 United Parcel will offset losses from the drop in United Parcel's long position.| Cyalume Technologies vs. CenterPoint Energy | Cyalume Technologies vs. Arhaus Inc | Cyalume Technologies vs. Coupang LLC | Cyalume Technologies vs. Arrow Electronics |
| United Parcel vs. GXO Logistics | United Parcel vs. JB Hunt Transport | United Parcel vs. Expeditors International of | United Parcel vs. CH Robinson Worldwide |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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