Correlation Between Crowdstrike Holdings and 26442CAZ7
Specify exactly 2 symbols:
By analyzing existing cross correlation between Crowdstrike Holdings and DUKE ENERGY CAROLINAS, you can compare the effects of market volatilities on Crowdstrike Holdings and 26442CAZ7 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 Crowdstrike Holdings with a short position of 26442CAZ7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Crowdstrike Holdings and 26442CAZ7.
Diversification Opportunities for Crowdstrike Holdings and 26442CAZ7
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Crowdstrike and 26442CAZ7 is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Crowdstrike Holdings and DUKE ENERGY CAROLINAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DUKE ENERGY CAROLINAS and Crowdstrike 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 Crowdstrike Holdings are associated (or correlated) with 26442CAZ7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DUKE ENERGY CAROLINAS has no effect on the direction of Crowdstrike Holdings i.e., Crowdstrike Holdings and 26442CAZ7 go up and down completely randomly.
Pair Corralation between Crowdstrike Holdings and 26442CAZ7
Given the investment horizon of 90 days Crowdstrike Holdings is expected to generate 1.63 times more return on investment than 26442CAZ7. However, Crowdstrike Holdings is 1.63 times more volatile than DUKE ENERGY CAROLINAS. It trades about 0.15 of its potential returns per unit of risk. DUKE ENERGY CAROLINAS is currently generating about -0.02 per unit of risk. If you would invest 27,728 in Crowdstrike Holdings on August 30, 2024 and sell it today you would earn a total of 7,031 from holding Crowdstrike Holdings or generate 25.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 87.5% |
| Values | Daily Returns |
Crowdstrike Holdings vs. DUKE ENERGY CAROLINAS
Performance |
| Timeline |
| Crowdstrike Holdings |
| DUKE ENERGY CAROLINAS |
Crowdstrike Holdings and 26442CAZ7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Crowdstrike Holdings and 26442CAZ7
The main advantage of trading using opposite Crowdstrike Holdings and 26442CAZ7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Crowdstrike Holdings position performs unexpectedly, 26442CAZ7 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 26442CAZ7 will offset losses from the drop in 26442CAZ7's long position.| Crowdstrike Holdings vs. Adobe Systems Incorporated | Crowdstrike Holdings vs. Palantir Technologies Class | Crowdstrike Holdings vs. Zscaler | Crowdstrike Holdings vs. Okta Inc |
| 26442CAZ7 vs. Corporacion America Airports | 26442CAZ7 vs. Life Time Group | 26442CAZ7 vs. United Parks Resorts | 26442CAZ7 vs. Willamette Valley Vineyards |
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 Instant Ratings module to determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |