Correlation Between Cannae Holdings and Graphic
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By analyzing existing cross correlation between Cannae Holdings and Graphic Packaging International, you can compare the effects of market volatilities on Cannae Holdings and Graphic 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 Cannae Holdings with a short position of Graphic. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cannae Holdings and Graphic.
Diversification Opportunities for Cannae Holdings and Graphic
0.7 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Cannae and Graphic is 0.7. Overlapping area represents the amount of risk that can be diversified away by holding Cannae Holdings and Graphic Packaging Internationa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Graphic Packaging and Cannae Holdings 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 Cannae Holdings are associated (or correlated) with Graphic. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Graphic Packaging has no effect on the direction of Cannae Holdings i.e., Cannae Holdings and Graphic go up and down completely randomly.
Pair Corralation between Cannae Holdings and Graphic
Given the investment horizon of 90 days Cannae Holdings is expected to under-perform the Graphic. In addition to that, Cannae Holdings is 3.95 times more volatile than Graphic Packaging International. It trades about -0.01 of its total potential returns per unit of risk. Graphic Packaging International is currently generating about 0.04 per unit of volatility. If you would invest 9,402 in Graphic Packaging International on November 9, 2024 and sell it today you would earn a total of 423.00 from holding Graphic Packaging International or generate 4.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 46.96% |
| Values | Daily Returns |
Cannae Holdings vs. Graphic Packaging Internationa
Performance |
| Timeline |
| Cannae Holdings |
| Graphic Packaging |
Cannae Holdings and Graphic Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cannae Holdings and Graphic
The main advantage of trading using opposite Cannae Holdings and Graphic positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cannae Holdings position performs unexpectedly, Graphic 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 Graphic will offset losses from the drop in Graphic's long position.| Cannae Holdings vs. Adtalem Global Education | Cannae Holdings vs. Hamilton Lane | Cannae Holdings vs. ConnectOne Bancorp |
| Graphic vs. Avis Budget Group | Graphic vs. Multi Ways Holdings | Graphic vs. Patterson UTI Energy | Graphic vs. McGrath RentCorp |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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