Correlation Between Entegris and LOEWS
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By analyzing existing cross correlation between Entegris and LOEWS P 6, you can compare the effects of market volatilities on Entegris and LOEWS 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 LOEWS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Entegris and LOEWS.
Diversification Opportunities for Entegris and LOEWS
Very weak diversification
The 3 months correlation between Entegris and LOEWS is 0.48. Overlapping area represents the amount of risk that can be diversified away by holding Entegris and LOEWS P 6 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOEWS P 6 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 LOEWS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOEWS P 6 has no effect on the direction of Entegris i.e., Entegris and LOEWS go up and down completely randomly.
Pair Corralation between Entegris and LOEWS
Given the investment horizon of 90 days Entegris is expected to generate 3.43 times more return on investment than LOEWS. However, Entegris is 3.43 times more volatile than LOEWS P 6. It trades about 0.1 of its potential returns per unit of risk. LOEWS P 6 is currently generating about 0.1 per unit of risk. If you would invest 10,430 in Entegris on September 12, 2024 and sell it today you would earn a total of 477.00 from holding Entegris or generate 4.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 45.45% |
| Values | Daily Returns |
Entegris vs. LOEWS P 6
Performance |
| Timeline |
| Entegris |
| LOEWS P 6 |
Entegris and LOEWS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Entegris and LOEWS
The main advantage of trading using opposite Entegris and LOEWS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Entegris position performs unexpectedly, LOEWS 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 LOEWS will offset losses from the drop in LOEWS's long position.| Entegris vs. Teradyne | Entegris vs. Ichor Holdings | Entegris vs. Amtech Systems | Entegris vs. Veeco Instruments |
| LOEWS vs. AEP TEX INC | LOEWS vs. US BANK NATIONAL | LOEWS vs. Recursion Pharmaceuticals | LOEWS vs. SoundHound AI |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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