Correlation Between Cyxtera Technologies and Cantaloupe
Can any of the company-specific risk be diversified away by investing in both Cyxtera Technologies and Cantaloupe at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Cyxtera Technologies and Cantaloupe into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cyxtera Technologies and Cantaloupe, you can compare the effects of market volatilities on Cyxtera Technologies and Cantaloupe 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 Cyxtera Technologies with a short position of Cantaloupe. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cyxtera Technologies and Cantaloupe.
Diversification Opportunities for Cyxtera Technologies and Cantaloupe
-0.91 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cyxtera and Cantaloupe is -0.91. Overlapping area represents the amount of risk that can be diversified away by holding Cyxtera Technologies and Cantaloupe in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cantaloupe and Cyxtera Technologies 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 Cyxtera Technologies are associated (or correlated) with Cantaloupe. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cantaloupe has no effect on the direction of Cyxtera Technologies i.e., Cyxtera Technologies and Cantaloupe go up and down completely randomly.
Pair Corralation between Cyxtera Technologies and Cantaloupe
If you would invest 715.00 in Cantaloupe on September 3, 2024 and sell it today you would earn a total of 200.00 from holding Cantaloupe or generate 27.97% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 0.4% |
| Values | Daily Returns |
Cyxtera Technologies vs. Cantaloupe
Performance |
| Timeline |
| Cyxtera Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cantaloupe |
Cyxtera Technologies and Cantaloupe Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cyxtera Technologies and Cantaloupe
The main advantage of trading using opposite Cyxtera Technologies and Cantaloupe positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cyxtera Technologies position performs unexpectedly, Cantaloupe 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 Cantaloupe will offset losses from the drop in Cantaloupe's long position.| Cyxtera Technologies vs. 9F Inc | Cyxtera Technologies vs. FiscalNote Holdings | Cyxtera Technologies vs. ARB IOT Group | Cyxtera Technologies vs. BigBearai Holdings |
| Cantaloupe vs. Partner Communications | Cantaloupe vs. Merck Company | Cantaloupe vs. Western Midstream Partners | Cantaloupe vs. Edgewise Therapeutics |
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 Aroon Oscillator module to analyze current equity momentum using Aroon Oscillator and other momentum ratios.
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