Correlation Between Acco Brands and GENERAL
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By analyzing existing cross correlation between Acco Brands and GENERAL DYNAMICS P, you can compare the effects of market volatilities on Acco Brands and GENERAL 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 Acco Brands with a short position of GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Acco Brands and GENERAL.
Diversification Opportunities for Acco Brands and GENERAL
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Acco and GENERAL is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Acco Brands and GENERAL DYNAMICS P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL DYNAMICS P and Acco Brands 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 Acco Brands are associated (or correlated) with GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL DYNAMICS P has no effect on the direction of Acco Brands i.e., Acco Brands and GENERAL go up and down completely randomly.
Pair Corralation between Acco Brands and GENERAL
Given the investment horizon of 90 days Acco Brands is expected to generate 2.63 times more return on investment than GENERAL. However, Acco Brands is 2.63 times more volatile than GENERAL DYNAMICS P. It trades about 0.0 of its potential returns per unit of risk. GENERAL DYNAMICS P is currently generating about -0.1 per unit of risk. If you would invest 613.00 in Acco Brands on September 13, 2024 and sell it today you would lose (4.50) from holding Acco Brands or give up 0.73% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Acco Brands vs. GENERAL DYNAMICS P
Performance |
| Timeline |
| Acco Brands |
| GENERAL DYNAMICS P |
Acco Brands and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Acco Brands and GENERAL
The main advantage of trading using opposite Acco Brands and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Acco Brands position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Acco Brands vs. HNI Corp | Acco Brands vs. Steelcase | Acco Brands vs. Ennis Inc | Acco Brands vs. Acacia Research |
| GENERAL vs. Skechers USA | GENERAL vs. Lululemon Athletica | GENERAL vs. The Gap, | GENERAL vs. Kandi Technologies Group |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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