Correlation Analysis Between CorVel Corp and XU100

This module allows you to analyze existing cross correlation between CorVel Corp and XU100. You can compare the effects of market volatilities on CorVel Corp and XU100 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 XU100. See also your portfolio center. Please also check ongoing floating volatility patterns of CorVel Corp and XU100.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

 Predicted Return Density 
      Returns 

CorVel Corp  vs.  XU100

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, CorVel Corp is expected to generate 1.15 times more return on investment than XU100. However, CorVel Corp is 1.15 times more volatile than XU100. It trades about 0.06 of its potential returns per unit of risk. XU100 is currently generating about 0.02 per unit of risk. If you would invest  8,240  in CorVel Corp on July 22, 2019 and sell it today you would earn a total of  272.00  from holding CorVel Corp or generate 3.3% return on investment over 30 days.

Pair Corralation between CorVel Corp and XU100

0.66
Time Period2 Months [change]
DirectionPositive 
StrengthSignificant
Accuracy95.24%
ValuesDaily Returns

Diversification Opportunities for CorVel Corp and XU100

CorVel Corp diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding CorVel Corp and XU100 in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on XU100 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 XU100. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of XU100 has no effect on the direction of CorVel Corp i.e. CorVel Corp and XU100 go up and down completely randomly.
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