Correlation Between Cognizant Technology and Banco Actinver
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By analyzing existing cross correlation between Cognizant Technology Solutions and Banco Actinver SA, you can compare the effects of market volatilities on Cognizant Technology and Banco Actinver 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 Banco Actinver. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cognizant Technology and Banco Actinver.
Diversification Opportunities for Cognizant Technology and Banco Actinver
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cognizant and Banco is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cognizant Technology Solutions and Banco Actinver SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Banco Actinver SA 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 Banco Actinver. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Banco Actinver SA has no effect on the direction of Cognizant Technology i.e., Cognizant Technology and Banco Actinver go up and down completely randomly.
Pair Corralation between Cognizant Technology and Banco Actinver
Assuming the 90 days trading horizon Cognizant Technology Solutions is expected to generate 1.52 times more return on investment than Banco Actinver. However, Cognizant Technology is 1.52 times more volatile than Banco Actinver SA. It trades about 0.05 of its potential returns per unit of risk. Banco Actinver SA is currently generating about 0.03 per unit of risk. If you would invest 112,595 in Cognizant Technology Solutions on September 14, 2024 and sell it today you would earn a total of 27,405 from holding Cognizant Technology Solutions or generate 24.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cognizant Technology Solutions vs. Banco Actinver SA
Performance |
| Timeline |
| Cognizant Technology |
| Banco Actinver SA |
Cognizant Technology and Banco Actinver Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cognizant Technology and Banco Actinver
The main advantage of trading using opposite Cognizant Technology and Banco Actinver positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cognizant Technology position performs unexpectedly, Banco Actinver 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 Banco Actinver will offset losses from the drop in Banco Actinver's long position.| Cognizant Technology vs. Delta Air Lines | Cognizant Technology vs. CVS Health | Cognizant Technology vs. Verizon Communications | Cognizant Technology vs. Grupo Hotelero Santa |
| Banco Actinver vs. GMxico Transportes SAB | Banco Actinver vs. Grupo Sports World | Banco Actinver vs. Micron Technology | Banco Actinver vs. DXC Technology |
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 Global Correlations module to find global opportunities by holding instruments from different markets.
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