Correlation Between Hartford Financial and National Security
Can any of the company-specific risk be diversified away by investing in both Hartford Financial and National Security 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 Hartford Financial and National Security into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hartford Financial Services and National Security Group, you can compare the effects of market volatilities on Hartford Financial and National Security 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 Hartford Financial with a short position of National Security. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hartford Financial and National Security.
Diversification Opportunities for Hartford Financial and National Security
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hartford and National is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hartford Financial Services and National Security Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National Security and Hartford Financial 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 Hartford Financial Services are associated (or correlated) with National Security. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National Security has no effect on the direction of Hartford Financial i.e., Hartford Financial and National Security go up and down completely randomly.
Pair Corralation between Hartford Financial and National Security
If you would invest 6,890 in Hartford Financial Services on January 26, 2024 and sell it today you would earn a total of 3,096 from holding Hartford Financial Services or generate 44.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Hartford Financial Services vs. National Security Group
Performance |
| Timeline |
| Hartford Financial |
| National Security |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Hartford Financial and National Security Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hartford Financial and National Security
The main advantage of trading using opposite Hartford Financial and National Security positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hartford Financial position performs unexpectedly, National Security 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 National Security will offset losses from the drop in National Security's long position.| Hartford Financial vs. Assicurazioni Generali SpA | Hartford Financial vs. ageas SANV | Hartford Financial vs. AXA SA |
| National Security vs. Fast Retailing Co | National Security vs. Pinduoduo | National Security vs. Worthington Steel | National Security vs. Asbury Automotive Group |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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