Correlation Between Cisco Systems and HALLIBURTON
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By analyzing existing cross correlation between Cisco Systems and HALLIBURTON 485 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
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cisco and HALLIBURTON is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Cisco Systems and HALLIBURTON 485 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HALLIBURTON 485 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 485 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 1.22 times more return on investment than HALLIBURTON. However, Cisco Systems is 1.22 times more volatile than HALLIBURTON 485 percent. It trades about 0.06 of its potential returns per unit of risk. HALLIBURTON 485 percent is currently generating about 0.0 per unit of risk. If you would invest 4,592 in Cisco Systems on November 28, 2024 and sell it today you would earn a total of 1,835 from holding Cisco Systems or generate 39.96% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.8% |
| Values | Daily Returns |
Cisco Systems vs. HALLIBURTON 485 percent
Performance |
| Timeline |
| Cisco Systems |
| HALLIBURTON 485 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. Mynaric AG ADR | Cisco Systems vs. KVH Industries | Cisco Systems vs. Telesat Corp | Cisco Systems vs. Digi International |
| HALLIBURTON vs. Safety Shot | HALLIBURTON vs. Avarone Metals | HALLIBURTON vs. BTU Metals Corp | HALLIBURTON vs. ScanSource |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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