Correlation Between Chemours and ACADIA
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By analyzing existing cross correlation between Chemours Co and ACADIA HEALTHCARE INC, you can compare the effects of market volatilities on Chemours and ACADIA 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 Chemours with a short position of ACADIA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chemours and ACADIA.
Diversification Opportunities for Chemours and ACADIA
Average diversification
The 3 months correlation between Chemours and ACADIA is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding Chemours Co and ACADIA HEALTHCARE INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ACADIA HEALTHCARE INC and Chemours 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 Chemours Co are associated (or correlated) with ACADIA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ACADIA HEALTHCARE INC has no effect on the direction of Chemours i.e., Chemours and ACADIA go up and down completely randomly.
Pair Corralation between Chemours and ACADIA
Allowing for the 90-day total investment horizon Chemours Co is expected to under-perform the ACADIA. In addition to that, Chemours is 9.67 times more volatile than ACADIA HEALTHCARE INC. It trades about -0.29 of its total potential returns per unit of risk. ACADIA HEALTHCARE INC is currently generating about 0.14 per unit of volatility. If you would invest 9,480 in ACADIA HEALTHCARE INC on November 28, 2024 and sell it today you would earn a total of 83.00 from holding ACADIA HEALTHCARE INC or generate 0.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Chemours Co vs. ACADIA HEALTHCARE INC
Performance |
| Timeline |
| Chemours |
| ACADIA HEALTHCARE INC |
Chemours and ACADIA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chemours and ACADIA
The main advantage of trading using opposite Chemours and ACADIA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chemours position performs unexpectedly, ACADIA 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 ACADIA will offset losses from the drop in ACADIA's long position.| Chemours vs. International Flavors Fragrances | Chemours vs. Air Products and | Chemours vs. PPG Industries | Chemours vs. Linde plc Ordinary |
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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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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