Correlation Between Air Products and 207597EG6
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By analyzing existing cross correlation between Air Products and and CONNECTICUT LT PWR, you can compare the effects of market volatilities on Air Products and 207597EG6 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 Air Products with a short position of 207597EG6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Air Products and 207597EG6.
Diversification Opportunities for Air Products and 207597EG6
-0.14 | Correlation Coefficient |
Good diversification
The 3 months correlation between Air and 207597EG6 is -0.14. Overlapping area represents the amount of risk that can be diversified away by holding Air Products and and CONNECTICUT LT PWR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONNECTICUT LT PWR and Air Products 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 Air Products and are associated (or correlated) with 207597EG6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONNECTICUT LT PWR has no effect on the direction of Air Products i.e., Air Products and 207597EG6 go up and down completely randomly.
Pair Corralation between Air Products and 207597EG6
Considering the 90-day investment horizon Air Products and is expected to generate 0.49 times more return on investment than 207597EG6. However, Air Products and is 2.03 times less risky than 207597EG6. It trades about 0.0 of its potential returns per unit of risk. CONNECTICUT LT PWR is currently generating about -0.11 per unit of risk. If you would invest 31,112 in Air Products and on September 13, 2024 and sell it today you would lose (23.00) from holding Air Products and or give up 0.07% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 54.55% |
| Values | Daily Returns |
Air Products and vs. CONNECTICUT LT PWR
Performance |
| Timeline |
| Air Products |
| CONNECTICUT LT PWR |
Air Products and 207597EG6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Air Products and 207597EG6
The main advantage of trading using opposite Air Products and 207597EG6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Air Products position performs unexpectedly, 207597EG6 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 207597EG6 will offset losses from the drop in 207597EG6's long position.| Air Products vs. PPG Industries | Air Products vs. Sherwin Williams Co | Air Products vs. Ecolab Inc | Air Products vs. Albemarle Corp |
| 207597EG6 vs. Sun Country Airlines | 207597EG6 vs. U Power Limited | 207597EG6 vs. Proficient Auto Logistics, | 207597EG6 vs. Mesa Air 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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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