Correlation Between Crowdstrike Holdings and NEXTERA
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By analyzing existing cross correlation between Crowdstrike Holdings and NEXTERA ENERGY CAPITAL, you can compare the effects of market volatilities on Crowdstrike Holdings and NEXTERA 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 NEXTERA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Crowdstrike Holdings and NEXTERA.
Diversification Opportunities for Crowdstrike Holdings and NEXTERA
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Crowdstrike and NEXTERA is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Crowdstrike Holdings and NEXTERA ENERGY CAPITAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEXTERA ENERGY CAPITAL 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 NEXTERA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEXTERA ENERGY CAPITAL has no effect on the direction of Crowdstrike Holdings i.e., Crowdstrike Holdings and NEXTERA go up and down completely randomly.
Pair Corralation between Crowdstrike Holdings and NEXTERA
Given the investment horizon of 90 days Crowdstrike Holdings is expected to generate 4.97 times more return on investment than NEXTERA. However, Crowdstrike Holdings is 4.97 times more volatile than NEXTERA ENERGY CAPITAL. It trades about 0.15 of its potential returns per unit of risk. NEXTERA ENERGY CAPITAL is currently generating about -0.13 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 | Weak |
| Accuracy | 98.44% |
| Values | Daily Returns |
Crowdstrike Holdings vs. NEXTERA ENERGY CAPITAL
Performance |
| Timeline |
| Crowdstrike Holdings |
| NEXTERA ENERGY CAPITAL |
Crowdstrike Holdings and NEXTERA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Crowdstrike Holdings and NEXTERA
The main advantage of trading using opposite Crowdstrike Holdings and NEXTERA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Crowdstrike Holdings position performs unexpectedly, NEXTERA 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 NEXTERA will offset losses from the drop in NEXTERA's long position.| Crowdstrike Holdings vs. Adobe Systems Incorporated | Crowdstrike Holdings vs. Palantir Technologies Class | Crowdstrike Holdings vs. Zscaler | Crowdstrike Holdings vs. Okta Inc |
| NEXTERA vs. enVVeno Medical Corp | NEXTERA vs. Bassett Furniture Industries | NEXTERA vs. Mid Atlantic Home Health | NEXTERA vs. Smith Douglas Homes |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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