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