Correlation Between Acco Brands and PFIZER
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By analyzing existing cross correlation between Acco Brands and PFIZER INC, you can compare the effects of market volatilities on Acco Brands and PFIZER 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 PFIZER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Acco Brands and PFIZER.
Diversification Opportunities for Acco Brands and PFIZER
-0.37 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Acco and PFIZER is -0.37. Overlapping area represents the amount of risk that can be diversified away by holding Acco Brands and PFIZER INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PFIZER INC 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 PFIZER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PFIZER INC has no effect on the direction of Acco Brands i.e., Acco Brands and PFIZER go up and down completely randomly.
Pair Corralation between Acco Brands and PFIZER
Given the investment horizon of 90 days Acco Brands is expected to generate 1.49 times more return on investment than PFIZER. However, Acco Brands is 1.49 times more volatile than PFIZER INC. It trades about 0.11 of its potential returns per unit of risk. PFIZER INC is currently generating about 0.07 per unit of risk. If you would invest 516.00 in Acco Brands on September 12, 2024 and sell it today you would earn a total of 83.00 from holding Acco Brands or generate 16.09% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Acco Brands vs. PFIZER INC
Performance |
| Timeline |
| Acco Brands |
| PFIZER INC |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Modest
Acco Brands and PFIZER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Acco Brands and PFIZER
The main advantage of trading using opposite Acco Brands and PFIZER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Acco Brands position performs unexpectedly, PFIZER 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 PFIZER will offset losses from the drop in PFIZER's long position.| Acco Brands vs. HNI Corp | Acco Brands vs. Steelcase | Acco Brands vs. Ennis Inc | Acco Brands vs. Acacia Research |
| PFIZER vs. Willamette Valley Vineyards | PFIZER vs. Constellation Brands Class | PFIZER vs. Summit Materials | PFIZER vs. Yuexiu Transport Infrastructure |
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 Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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