Correlation Between Entegris and GENERAL
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By analyzing existing cross correlation between Entegris and GENERAL DYNAMICS P, you can compare the effects of market volatilities on Entegris and GENERAL 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 Entegris with a short position of GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Entegris and GENERAL.
Diversification Opportunities for Entegris and GENERAL
Very weak diversification
The 3 months correlation between Entegris and GENERAL is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Entegris and GENERAL DYNAMICS P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL DYNAMICS P and Entegris 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 Entegris are associated (or correlated) with GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL DYNAMICS P has no effect on the direction of Entegris i.e., Entegris and GENERAL go up and down completely randomly.
Pair Corralation between Entegris and GENERAL
Given the investment horizon of 90 days Entegris is expected to generate 2.76 times more return on investment than GENERAL. However, Entegris is 2.76 times more volatile than GENERAL DYNAMICS P. It trades about 0.04 of its potential returns per unit of risk. GENERAL DYNAMICS P is currently generating about -0.1 per unit of risk. If you would invest 10,633 in Entegris on September 13, 2024 and sell it today you would earn a total of 186.00 from holding Entegris or generate 1.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Entegris vs. GENERAL DYNAMICS P
Performance |
| Timeline |
| Entegris |
| GENERAL DYNAMICS P |
Entegris and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Entegris and GENERAL
The main advantage of trading using opposite Entegris and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Entegris position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Entegris vs. ON Semiconductor | Entegris vs. Monolithic Power Systems | Entegris vs. Globalfoundries | Entegris vs. Wisekey International Holding |
| GENERAL vs. Skechers USA | GENERAL vs. Lululemon Athletica | GENERAL vs. The Gap, | GENERAL vs. Kandi Technologies 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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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