Correlation Between Intel and SILGAN
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By analyzing existing cross correlation between Intel and SILGAN HLDGS INC, you can compare the effects of market volatilities on Intel and SILGAN 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 Intel with a short position of SILGAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and SILGAN.
Diversification Opportunities for Intel and SILGAN
Very good diversification
The 3 months correlation between Intel and SILGAN is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Intel and SILGAN HLDGS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SILGAN HLDGS INC and Intel 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 Intel are associated (or correlated) with SILGAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SILGAN HLDGS INC has no effect on the direction of Intel i.e., Intel and SILGAN go up and down completely randomly.
Pair Corralation between Intel and SILGAN
Given the investment horizon of 90 days Intel is expected to generate 2.25 times more return on investment than SILGAN. However, Intel is 2.25 times more volatile than SILGAN HLDGS INC. It trades about 0.08 of its potential returns per unit of risk. SILGAN HLDGS INC is currently generating about -0.27 per unit of risk. If you would invest 2,238 in Intel on August 6, 2024 and sell it today you would earn a total of 82.00 from holding Intel or generate 3.66% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Very Weak |
Accuracy | 95.24% |
Values | Daily Returns |
Intel vs. SILGAN HLDGS INC
Performance |
Timeline |
Intel |
SILGAN HLDGS INC |
Intel and SILGAN Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Intel and SILGAN
The main advantage of trading using opposite Intel and SILGAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, SILGAN 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 SILGAN will offset losses from the drop in SILGAN's long position.The idea behind Intel and SILGAN HLDGS INC pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.SILGAN vs. Dave Busters Entertainment | SILGAN vs. Space Communication | SILGAN vs. Reservoir Media | SILGAN vs. Mediag3 |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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