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Correlation Between Crane and Barnes

Analyzing existing cross correlation between Crane Co and Barnes Group. You can compare the effects of market volatilities on Crane and Barnes 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 Crane with a short position of Barnes. Check out your portfolio center. Please also check ongoing floating volatility patterns of Crane and Barnes.

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Diversification Opportunities for Crane and Barnes

Crane Co diversification synergy
0.75
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Poor diversification

The 3 months correlation between Crane and Barnes is 0.75. Overlapping area represents the amount of risk that can be diversified away by holding Crane Co and Barnes Group Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Barnes Group and Crane 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 Crane Co are associated (or correlated) with Barnes. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Barnes Group has no effect on the direction of Crane i.e. Crane and Barnes go up and down completely randomly.

Pair Corralation between Crane and Barnes

Allowing for the 30-days total investment horizon, Crane is expected to generate 6.18 times less return on investment than Barnes. But when comparing it to its historical volatility, Crane Co is 1.28 times less risky than Barnes. It trades about 0.02 of its potential returns per unit of risk. Barnes Group is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  6,032  in Barnes Group on January 24, 2020 and sell it today you would earn a total of  596.00  from holding Barnes Group or generate 9.88% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy96.83%
ValuesDaily Returns

Crane Co  vs.  Barnes Group Inc

 Performance (%) 
    
  Timeline 
Crane 
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Crane Co are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. In defiance of relatively invariable forward-looking signals, Crane is not utilizing all of its potentials. The current stock price agitation, may contribute to short term losses for the management.
Barnes Group 
77

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Barnes Group are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days. Despite somewhat unfluctuating basic indicators, Barnes may actually be approaching a critical reversion point that can send shares even higher in March 2020.

Crane and Barnes Volatility Contrast

 Predicted Return Density 
    
  Returns 
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