Correlation Between Cal-Bay Intl and Halitron
Can any of the company-specific risk be diversified away by investing in both Cal-Bay Intl and Halitron at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Cal-Bay Intl and Halitron into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cal Bay Intl and Halitron, you can compare the effects of market volatilities on Cal-Bay Intl and Halitron 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 Cal-Bay Intl with a short position of Halitron. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cal-Bay Intl and Halitron.
Diversification Opportunities for Cal-Bay Intl and Halitron
1.0 | Correlation Coefficient |
No risk reduction
The 3 months correlation between Cal-Bay and Halitron is 1.0. Overlapping area represents the amount of risk that can be diversified away by holding Cal Bay Intl and Halitron in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Halitron and Cal-Bay Intl 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 Cal Bay Intl are associated (or correlated) with Halitron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Halitron has no effect on the direction of Cal-Bay Intl i.e., Cal-Bay Intl and Halitron go up and down completely randomly.
Pair Corralation between Cal-Bay Intl and Halitron
If you would invest 0.03 in Cal Bay Intl on August 29, 2024 and sell it today you would lose (0.02) from holding Cal Bay Intl or give up 66.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cal Bay Intl vs. Halitron
Performance |
| Timeline |
| Cal Bay Intl |
| Halitron |
Cal-Bay Intl and Halitron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cal-Bay Intl and Halitron
The main advantage of trading using opposite Cal-Bay Intl and Halitron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cal-Bay Intl position performs unexpectedly, Halitron 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 Halitron will offset losses from the drop in Halitron's long position.| Cal-Bay Intl vs. Boston Properties | Cal-Bay Intl vs. Kilroy Realty Corp | Cal-Bay Intl vs. SL Green Realty | Cal-Bay Intl vs. Vornado Realty Trust |
| Halitron vs. Mentor Capital | Halitron vs. ICOA Inc | Halitron vs. Magic Empire Global | Halitron vs. Zhong Yang Financial |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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