Correlation Between Axalta Coating and SYSCO
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By analyzing existing cross correlation between Axalta Coating Systems and SYSCO P 445, you can compare the effects of market volatilities on Axalta Coating and SYSCO 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 SYSCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Axalta Coating and SYSCO.
Diversification Opportunities for Axalta Coating and SYSCO
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Axalta and SYSCO is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding Axalta Coating Systems and SYSCO P 445 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SYSCO P 445 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 SYSCO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SYSCO P 445 has no effect on the direction of Axalta Coating i.e., Axalta Coating and SYSCO go up and down completely randomly.
Pair Corralation between Axalta Coating and SYSCO
Given the investment horizon of 90 days Axalta Coating is expected to generate 79.56 times less return on investment than SYSCO. But when comparing it to its historical volatility, Axalta Coating Systems is 58.16 times less risky than SYSCO. It trades about 0.06 of its potential returns per unit of risk. SYSCO P 445 is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 8,902 in SYSCO P 445 on August 29, 2024 and sell it today you would lose (1,010) from holding SYSCO P 445 or give up 11.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 63.84% |
| Values | Daily Returns |
Axalta Coating Systems vs. SYSCO P 445
Performance |
| Timeline |
| Axalta Coating Systems |
| SYSCO P 445 |
Axalta Coating and SYSCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Axalta Coating and SYSCO
The main advantage of trading using opposite Axalta Coating and SYSCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Axalta Coating position performs unexpectedly, SYSCO 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 SYSCO will offset losses from the drop in SYSCO's long position.| Axalta Coating vs. Avient Corp | Axalta Coating vs. H B Fuller | Axalta Coating vs. Quaker Chemical | Axalta Coating vs. Cabot |
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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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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