Correlation Between CompX International and RB Global
Can any of the company-specific risk be diversified away by investing in both CompX International and RB Global 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 CompX International and RB Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CompX International and RB Global, you can compare the effects of market volatilities on CompX International and RB Global 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 CompX International with a short position of RB Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of CompX International and RB Global.
Diversification Opportunities for CompX International and RB Global
0.66 | Correlation Coefficient |
Poor diversification
The 3 months correlation between CompX and RBA is 0.66. Overlapping area represents the amount of risk that can be diversified away by holding CompX International and RB Global in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on RB Global and CompX International 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 CompX International are associated (or correlated) with RB Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of RB Global has no effect on the direction of CompX International i.e., CompX International and RB Global go up and down completely randomly.
Pair Corralation between CompX International and RB Global
Considering the 90-day investment horizon CompX International is expected to generate 1.32 times less return on investment than RB Global. In addition to that, CompX International is 2.23 times more volatile than RB Global. It trades about 0.08 of its total potential returns per unit of risk. RB Global is currently generating about 0.22 per unit of volatility. If you would invest 10,041 in RB Global on November 9, 2025 and sell it today you would earn a total of 1,730 from holding RB Global or generate 17.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
CompX International vs. RB Global
Performance |
| Timeline |
| CompX International |
| RB Global |
CompX International and RB Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CompX International and RB Global
The main advantage of trading using opposite CompX International and RB Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CompX International position performs unexpectedly, RB Global 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 RB Global will offset losses from the drop in RB Global's long position.| CompX International vs. NL Industries | CompX International vs. Mistras Group | CompX International vs. Radiant Logistics | CompX International vs. Mayville Engineering Co |
| RB Global vs. Global Payments | RB Global vs. UL Solutions | RB Global vs. FTAI Aviation | RB Global vs. Rentokil Initial PLC |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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