Correlation Between CECO Environmental and HALLIBURTON
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By analyzing existing cross correlation between CECO Environmental Corp and HALLIBURTON 475 percent, you can compare the effects of market volatilities on CECO Environmental and HALLIBURTON 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 CECO Environmental with a short position of HALLIBURTON. Check out your portfolio center. Please also check ongoing floating volatility patterns of CECO Environmental and HALLIBURTON.
Diversification Opportunities for CECO Environmental and HALLIBURTON
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between CECO and HALLIBURTON is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding CECO Environmental Corp and HALLIBURTON 475 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HALLIBURTON 475 percent and CECO Environmental 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 CECO Environmental Corp are associated (or correlated) with HALLIBURTON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HALLIBURTON 475 percent has no effect on the direction of CECO Environmental i.e., CECO Environmental and HALLIBURTON go up and down completely randomly.
Pair Corralation between CECO Environmental and HALLIBURTON
Given the investment horizon of 90 days CECO Environmental Corp is expected to generate 1.35 times more return on investment than HALLIBURTON. However, CECO Environmental is 1.35 times more volatile than HALLIBURTON 475 percent. It trades about 0.66 of its potential returns per unit of risk. HALLIBURTON 475 percent is currently generating about -0.1 per unit of risk. If you would invest 2,561 in CECO Environmental Corp on September 12, 2024 and sell it today you would earn a total of 914.50 from holding CECO Environmental Corp or generate 35.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 86.36% |
| Values | Daily Returns |
CECO Environmental Corp vs. HALLIBURTON 475 percent
Performance |
| Timeline |
| CECO Environmental Corp |
| HALLIBURTON 475 percent |
CECO Environmental and HALLIBURTON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CECO Environmental and HALLIBURTON
The main advantage of trading using opposite CECO Environmental and HALLIBURTON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CECO Environmental position performs unexpectedly, HALLIBURTON 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 HALLIBURTON will offset losses from the drop in HALLIBURTON's long position.| CECO Environmental vs. Federal Signal | CECO Environmental vs. Zurn Elkay Water | CECO Environmental vs. Fuel Tech | CECO Environmental vs. Energy Recovery |
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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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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