Correlation Between Entegris and TRAVELERS
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By analyzing existing cross correlation between Entegris and TRAVELERS INS GROUP, you can compare the effects of market volatilities on Entegris and TRAVELERS 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 TRAVELERS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Entegris and TRAVELERS.
Diversification Opportunities for Entegris and TRAVELERS
Average diversification
The 3 months correlation between Entegris and TRAVELERS is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Entegris and TRAVELERS INS GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TRAVELERS INS GROUP 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 TRAVELERS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TRAVELERS INS GROUP has no effect on the direction of Entegris i.e., Entegris and TRAVELERS go up and down completely randomly.
Pair Corralation between Entegris and TRAVELERS
Given the investment horizon of 90 days Entegris is expected to generate 3.24 times more return on investment than TRAVELERS. However, Entegris is 3.24 times more volatile than TRAVELERS INS GROUP. It trades about 0.12 of its potential returns per unit of risk. TRAVELERS INS GROUP is currently generating about 0.11 per unit of risk. If you would invest 9,713 in Entegris on November 3, 2024 and sell it today you would earn a total of 476.00 from holding Entegris or generate 4.9% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Entegris vs. TRAVELERS INS GROUP
Performance |
| Timeline |
| Entegris |
| TRAVELERS INS GROUP |
Entegris and TRAVELERS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Entegris and TRAVELERS
The main advantage of trading using opposite Entegris and TRAVELERS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Entegris position performs unexpectedly, TRAVELERS 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 TRAVELERS will offset losses from the drop in TRAVELERS's long position.| Entegris vs. Teradyne | Entegris vs. Ichor Holdings | Entegris vs. Amtech Systems | Entegris vs. Veeco Instruments |
| TRAVELERS vs. Merit Medical Systems | TRAVELERS vs. Alvotech | TRAVELERS vs. Viemed Healthcare | TRAVELERS vs. Xtant Medical Holdings |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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