Correlation Between Acco Brands and NetFlix
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By analyzing existing cross correlation between Acco Brands and NetFlix 5875 percent, you can compare the effects of market volatilities on Acco Brands and NetFlix 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 NetFlix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Acco Brands and NetFlix.
Diversification Opportunities for Acco Brands and NetFlix
-0.34 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Acco and NetFlix is -0.34. Overlapping area represents the amount of risk that can be diversified away by holding Acco Brands and NetFlix 5875 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NetFlix 5875 percent 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 NetFlix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NetFlix 5875 percent has no effect on the direction of Acco Brands i.e., Acco Brands and NetFlix go up and down completely randomly.
Pair Corralation between Acco Brands and NetFlix
Given the investment horizon of 90 days Acco Brands is expected to generate 4.9 times more return on investment than NetFlix. However, Acco Brands is 4.9 times more volatile than NetFlix 5875 percent. It trades about 0.02 of its potential returns per unit of risk. NetFlix 5875 percent is currently generating about 0.02 per unit of risk. If you would invest 504.00 in Acco Brands on August 30, 2024 and sell it today you would earn a total of 82.00 from holding Acco Brands or generate 16.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Acco Brands vs. NetFlix 5875 percent
Performance |
| Timeline |
| Acco Brands |
| NetFlix 5875 percent |
Acco Brands and NetFlix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Acco Brands and NetFlix
The main advantage of trading using opposite Acco Brands and NetFlix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Acco Brands position performs unexpectedly, NetFlix 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 NetFlix will offset losses from the drop in NetFlix's long position.| Acco Brands vs. HNI Corp | Acco Brands vs. Steelcase | Acco Brands vs. Ennis Inc | Acco Brands vs. Acacia Research |
| NetFlix vs. Hooker Furniture | NetFlix vs. United Guardian | NetFlix vs. Qualys Inc | NetFlix vs. Asure Software |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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