Correlation Analysis Between Agilent Technologies and Curtiss Wright

This module allows you to analyze existing cross correlation between Agilent Technologies and Curtiss Wright Corporation. You can compare the effects of market volatilities on Agilent Technologies 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 Agilent Technologies with a short position of Curtiss Wright. See also your portfolio center. Please also check ongoing floating volatility patterns of Agilent Technologies and Curtiss Wright.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Agilent Technologies Inc  vs.  Curtiss Wright Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Agilent Technologies is expected to generate 2.08 times less return on investment than Curtiss Wright. But when comparing it to its historical volatility, Agilent Technologies is 1.15 times less risky than Curtiss Wright. It trades about 0.1 of its potential returns per unit of risk. Curtiss Wright Corporation is currently generating about 0.18 of returns per unit of risk over similar time horizon. If you would invest  12,039  in Curtiss Wright Corporation on June 20, 2018 and sell it today you would earn a total of  560.00  from holding Curtiss Wright Corporation or generate 4.65% return on investment over 30 days.

Pair Corralation between Agilent Technologies and Curtiss Wright

0.64
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Agilent Technologies Inc and Curtiss Wright Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Curtiss Wright and Agilent 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 Agilent Technologies 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 Agilent Technologies i.e. Agilent Technologies and Curtiss Wright go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Agilent Technologies  
6 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Agilent Technologies are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days.
Curtiss Wright  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Curtiss Wright Corporation are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

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See also your portfolio center. Please also try Piotroski F Score module to get piotroski f score based on binary analysis strategy of nine different fundamentals.


 
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