Correlation Between Cisco Systems and HALLIBURTON
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cisco Systems and HALLIBURTON 745 percent, you can compare the effects of market volatilities on Cisco Systems 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 Cisco Systems with a short position of HALLIBURTON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cisco Systems and HALLIBURTON.
Diversification Opportunities for Cisco Systems and HALLIBURTON
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Cisco and HALLIBURTON is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding Cisco Systems and HALLIBURTON 745 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HALLIBURTON 745 percent and Cisco Systems 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 Cisco Systems 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 745 percent has no effect on the direction of Cisco Systems i.e., Cisco Systems and HALLIBURTON go up and down completely randomly.
Pair Corralation between Cisco Systems and HALLIBURTON
Given the investment horizon of 90 days Cisco Systems is expected to generate 0.75 times more return on investment than HALLIBURTON. However, Cisco Systems is 1.33 times less risky than HALLIBURTON. It trades about 0.25 of its potential returns per unit of risk. HALLIBURTON 745 percent is currently generating about -0.01 per unit of risk. If you would invest 5,282 in Cisco Systems on August 30, 2024 and sell it today you would earn a total of 647.00 from holding Cisco Systems or generate 12.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Cisco Systems vs. HALLIBURTON 745 percent
Performance |
| Timeline |
| Cisco Systems |
| HALLIBURTON 745 percent |
Cisco Systems and HALLIBURTON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cisco Systems and HALLIBURTON
The main advantage of trading using opposite Cisco Systems and HALLIBURTON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cisco Systems 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.| Cisco Systems vs. Juniper Networks | Cisco Systems vs. Nokia Corp ADR | Cisco Systems vs. Motorola Solutions | Cisco Systems vs. Ciena Corp |
| HALLIBURTON vs. VirnetX Holding Corp | HALLIBURTON vs. Kinetik Holdings | HALLIBURTON vs. Qualys Inc | HALLIBURTON vs. WEC Energy Group |
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 Idea Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |