Correlation Analysis Between Calgon Carbon and SPTSX Comp

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

Calgon Carbon Corp.  vs.  SPTSX Comp

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Calgon Carbon Corporation is expected to generate 2.6 times more return on investment than SPTSX Comp. However, Calgon Carbon is 2.6 times more volatile than SPTSX Comp. It trades about -0.04 of its potential returns per unit of risk. SPTSX Comp is currently generating about -0.09 per unit of risk. If you would invest  1,393  in Calgon Carbon Corporation on May 18, 2019 and sell it today you would lose (24.00)  from holding Calgon Carbon Corporation or give up 1.72% of portfolio value over 30 days.

Pair Corralation between Calgon Carbon and SPTSX Comp

0.0
Time Period2 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy82.93%
ValuesDaily Returns

Diversification Opportunities for Calgon Carbon and SPTSX Comp

Calgon Carbon Corp. diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Calgon Carbon Corp. and SPTSX Comp in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SPTSX Comp 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 SPTSX Comp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPTSX Comp has no effect on the direction of Calgon Carbon i.e. Calgon Carbon and SPTSX Comp go up and down completely randomly.
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