Correlation Between Axalta Coating and STANLN
Specify exactly 2 symbols:
By analyzing existing cross correlation between Axalta Coating Systems and STANLN 32 17 APR 25, you can compare the effects of market volatilities on Axalta Coating and STANLN 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 Axalta Coating with a short position of STANLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axalta Coating and STANLN.
Diversification Opportunities for Axalta Coating and STANLN
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Axalta and STANLN is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Axalta Coating Systems and STANLN 32 17 APR 25 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STANLN 32 17 and Axalta Coating 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 Axalta Coating Systems are associated (or correlated) with STANLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STANLN 32 17 has no effect on the direction of Axalta Coating i.e., Axalta Coating and STANLN go up and down completely randomly.
Pair Corralation between Axalta Coating and STANLN
Given the investment horizon of 90 days Axalta Coating Systems is expected to under-perform the STANLN. In addition to that, Axalta Coating is 34.67 times more volatile than STANLN 32 17 APR 25. It trades about -0.63 of its total potential returns per unit of risk. STANLN 32 17 APR 25 is currently generating about 0.39 per unit of volatility. If you would invest 9,943 in STANLN 32 17 APR 25 on October 8, 2024 and sell it today you would earn a total of 6.00 from holding STANLN 32 17 APR 25 or generate 0.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 21.05% |
| Values | Daily Returns |
Axalta Coating Systems vs. STANLN 32 17 APR 25
Performance |
| Timeline |
| Axalta Coating Systems |
| STANLN 32 17 |
Axalta Coating and STANLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Axalta Coating and STANLN
The main advantage of trading using opposite Axalta Coating and STANLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Axalta Coating position performs unexpectedly, STANLN 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 STANLN will offset losses from the drop in STANLN's long position.| Axalta Coating vs. Avient Corp | Axalta Coating vs. H B Fuller | Axalta Coating vs. Quaker Chemical | Axalta Coating vs. Cabot |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |