Two Equities Correlation Analysis
Specify exactly 2 symbols:
TWTR
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This model provides you with a quick lookup of cross correlation between two equities. Please specify two instruments to run the correlation.
Diversification Opportunities for Twitter and NYSE Composite
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Twitter and NYSE is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Twitter and NYSE Composite in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NYSE Composite and Twitter 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 Twitter are associated (or correlated) with NYSE Composite. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NYSE Composite has no effect on the direction of Twitter i.e., Twitter and NYSE Composite go up and down completely randomly.
Pair Corralation between Twitter and NYSE Composite
If you would invest 0.00 in Twitter on January 17, 2024 and sell it today you would earn a total of 0.00 from holding Twitter or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
Twitter vs. NYSE Composite
Performance |
| Timeline |
Twitter and NYSE Composite Volatility Contrast
Predicted Return Density |
| Returns |
Pair trading matchups for Twitter
NYSE Composite
Pair trading matchups for NYSE Composite
Pair Trading with Twitter and NYSE Composite
The main advantage of trading using opposite Twitter and NYSE Composite positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Twitter position performs unexpectedly, NYSE Composite can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in NYSE Composite will offset losses from the drop in NYSE Composite's long position.| Twitter vs. First Watch Restaurant | Twitter vs. Hannon Armstrong Sustainable | Twitter vs. Dominos Pizza | Twitter vs. Shake Shack |
| NYSE Composite vs. Getty Images Holdings | NYSE Composite vs. Wingstop | NYSE Composite vs. Cardinal Health | NYSE Composite vs. Radcom |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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