Correlation Analysis Between CorVel Corp and NZSE

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

 Predicted Return Density 
      Returns 

CorVel Corp  vs.  NZSE

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, CorVel Corp is expected to under-perform the NZSE. In addition to that, CorVel Corp is 1.88 times more volatile than NZSE. It trades about -0.04 of its total potential returns per unit of risk. NZSE is currently generating about 0.0 per unit of volatility. If you would invest  1,050,110  in NZSE on July 27, 2019 and sell it today you would lose (354.00)  from holding NZSE or give up 0.03% of portfolio value over 30 days.

Pair Corralation between CorVel Corp and NZSE

-0.04
Time Period2 Months [change]
DirectionNegative 
StrengthInsignificant
Accuracy79.07%
ValuesDaily Returns

Diversification Opportunities for CorVel Corp and NZSE

CorVel Corp diversification synergy

Good diversification

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