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Correlation Between Curtiss Wright and Barnes

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

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Diversification Opportunities for Curtiss Wright and Barnes

Curtiss Wright Corp. diversification synergy
0.94
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Almost no diversification

The 3 months correlation between Curtiss and Barnes is 0.94. Overlapping area represents the amount of risk that can be diversified away by holding Curtiss Wright Corp. and Barnes Group Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Barnes Group and Curtiss Wright 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 Curtiss Wright Corporation 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 Curtiss Wright i.e. Curtiss Wright and Barnes go up and down completely randomly.

Pair Corralation between Curtiss Wright and Barnes

Allowing for the 30-days total investment horizon, Curtiss Wright is expected to generate 1.99 times less return on investment than Barnes. But when comparing it to its historical volatility, Curtiss Wright Corporation is 1.64 times less risky than Barnes. It trades about 0.1 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 22, 2020 and sell it today you would earn a total of  608.00  from holding Barnes Group or generate 10.08% return on investment over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Curtiss Wright Corp.  vs.  Barnes Group Inc

 Performance (%) 
    
  Timeline 
Curtiss Wright 
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Curtiss Wright Corporation are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Inspite fairly stable primary indicators, Curtiss Wright is not utilizing all of its potentials. The current stock price fuss, may contribute to near short-term losses for the directors.
Barnes Group 
88

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Barnes Group are ranked lower than 8 (%) 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.

Curtiss Wright and Barnes Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.