Correlation Between Cognizant Technology and Compaa Minera
Specify exactly 2 symbols:
By analyzing existing cross correlation between Cognizant Technology Solutions and Compaa Minera Autln, you can compare the effects of market volatilities on Cognizant Technology and Compaa Minera 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 Cognizant Technology with a short position of Compaa Minera. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cognizant Technology and Compaa Minera.
Diversification Opportunities for Cognizant Technology and Compaa Minera
0.34 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Cognizant and Compaa is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Cognizant Technology Solutions and Compaa Minera Autln in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Compaa Minera Autln and Cognizant Technology 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 Cognizant Technology Solutions are associated (or correlated) with Compaa Minera. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Compaa Minera Autln has no effect on the direction of Cognizant Technology i.e., Cognizant Technology and Compaa Minera go up and down completely randomly.
Pair Corralation between Cognizant Technology and Compaa Minera
Assuming the 90 days trading horizon Cognizant Technology Solutions is expected to generate 0.29 times more return on investment than Compaa Minera. However, Cognizant Technology Solutions is 3.47 times less risky than Compaa Minera. It trades about 0.22 of its potential returns per unit of risk. Compaa Minera Autln is currently generating about -0.4 per unit of risk. If you would invest 139,394 in Cognizant Technology Solutions on September 12, 2024 and sell it today you would earn a total of 606.00 from holding Cognizant Technology Solutions or generate 0.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cognizant Technology Solutions vs. Compaa Minera Autln
Performance |
| Timeline |
| Cognizant Technology |
| Compaa Minera Autln |
Cognizant Technology and Compaa Minera Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cognizant Technology and Compaa Minera
The main advantage of trading using opposite Cognizant Technology and Compaa Minera positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cognizant Technology position performs unexpectedly, Compaa Minera 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 Compaa Minera will offset losses from the drop in Compaa Minera's long position.| Cognizant Technology vs. DXC Technology | Cognizant Technology vs. The Select Sector | Cognizant Technology vs. Promotora y Operadora | Cognizant Technology vs. iShares Global Timber |
| Compaa Minera vs. Genworth Financial | Compaa Minera vs. Applied Materials | Compaa Minera vs. McEwen Mining | Compaa Minera vs. Cognizant Technology Solutions |
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 Stocks Directory module to find actively traded stocks across global markets.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes |