Correlation Analysis Between Calgon Carbon and NZSE

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

 Predicted Return Density 
      Returns 

Calgon Carbon Corp.  vs.  NZSE

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Calgon Carbon Corporation is expected to generate 3.25 times more return on investment than NZSE. However, Calgon Carbon is 3.25 times more volatile than NZSE. It trades about 0.26 of its potential returns per unit of risk. NZSE is currently generating about 0.27 per unit of risk. If you would invest  1,044  in Calgon Carbon Corporation on February 17, 2019 and sell it today you would earn a total of  204.00  from holding Calgon Carbon Corporation or generate 19.54% return on investment over 30 days.

Pair Corralation between Calgon Carbon and NZSE

-0.84
Time Period2 Months [change]
DirectionNegative 
StrengthSignificant
Accuracy72.73%
ValuesDaily Returns

Diversification Opportunities for Calgon Carbon and NZSE

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 NZSE in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NZSE 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 NZSE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NZSE has no effect on the direction of Calgon Carbon i.e. Calgon Carbon and NZSE go up and down completely randomly.
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