Correlation Between Acco Brands and 575718AG6
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By analyzing existing cross correlation between Acco Brands and US575718AG63, you can compare the effects of market volatilities on Acco Brands and 575718AG6 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 575718AG6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Acco Brands and 575718AG6.
Diversification Opportunities for Acco Brands and 575718AG6
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Acco and 575718AG6 is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Acco Brands and US575718AG63 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US575718AG63 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 575718AG6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US575718AG63 has no effect on the direction of Acco Brands i.e., Acco Brands and 575718AG6 go up and down completely randomly.
Pair Corralation between Acco Brands and 575718AG6
Given the investment horizon of 90 days Acco Brands is expected to generate 0.91 times more return on investment than 575718AG6. However, Acco Brands is 1.09 times less risky than 575718AG6. It trades about 0.16 of its potential returns per unit of risk. US575718AG63 is currently generating about -0.18 per unit of risk. If you would invest 510.00 in Acco Brands on September 13, 2024 and sell it today you would earn a total of 90.00 from holding Acco Brands or generate 17.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 57.14% |
| Values | Daily Returns |
Acco Brands vs. US575718AG63
Performance |
| Timeline |
| Acco Brands |
| US575718AG63 |
Acco Brands and 575718AG6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Acco Brands and 575718AG6
The main advantage of trading using opposite Acco Brands and 575718AG6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Acco Brands position performs unexpectedly, 575718AG6 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 575718AG6 will offset losses from the drop in 575718AG6's long position.| Acco Brands vs. HNI Corp | Acco Brands vs. Steelcase | Acco Brands vs. Ennis Inc | Acco Brands vs. Acacia Research |
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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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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