Correlation Analysis Between Calgon Carbon and BSE

This module allows you to analyze existing cross correlation between Calgon Carbon Corporation and BSE. You can compare the effects of market volatilities on Calgon Carbon and BSE 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 Calgon Carbon with a short position of BSE. See also your portfolio center. Please also check ongoing floating volatility patterns of Calgon Carbon and BSE.
Horizon     30 Days    Login   to change
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Comparative Performance

 Predicted Return Density 
      Returns 

Calgon Carbon Corp.  vs.  BSE

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Calgon Carbon Corporation is expected to generate 1.86 times more return on investment than BSE. However, Calgon Carbon is 1.86 times more volatile than BSE. It trades about 0.24 of its potential returns per unit of risk. BSE is currently generating about -0.06 per unit of risk. If you would invest  1,319  in Calgon Carbon Corporation on June 22, 2019 and sell it today you would earn a total of  261.00  from holding Calgon Carbon Corporation or generate 19.79% return on investment over 30 days.

Pair Corralation between Calgon Carbon and BSE

0.2
Time Period2 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy81.25%
ValuesDaily Returns

Diversification Opportunities for Calgon Carbon and BSE

Calgon Carbon Corp. diversification synergy

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding Calgon Carbon Corp. and BSE in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BSE and Calgon Carbon 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 Calgon Carbon Corporation are associated (or correlated) with BSE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BSE has no effect on the direction of Calgon Carbon i.e. Calgon Carbon and BSE go up and down completely randomly.
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See also your portfolio center. Please also try Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.


 
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