Correlation Between Hurco Companies and STANLN
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By analyzing existing cross correlation between Hurco Companies and STANLN 6301 09 JAN 29, you can compare the effects of market volatilities on Hurco Companies and STANLN 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 Hurco Companies with a short position of STANLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hurco Companies and STANLN.
Diversification Opportunities for Hurco Companies and STANLN
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Hurco and STANLN is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding Hurco Companies and STANLN 6301 09 JAN 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on STANLN 6301 09 and Hurco Companies 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 Hurco Companies are associated (or correlated) with STANLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of STANLN 6301 09 has no effect on the direction of Hurco Companies i.e., Hurco Companies and STANLN go up and down completely randomly.
Pair Corralation between Hurco Companies and STANLN
Given the investment horizon of 90 days Hurco Companies is expected to generate 18.6 times more return on investment than STANLN. However, Hurco Companies is 18.6 times more volatile than STANLN 6301 09 JAN 29. It trades about 0.15 of its potential returns per unit of risk. STANLN 6301 09 JAN 29 is currently generating about 0.14 per unit of risk. If you would invest 1,956 in Hurco Companies on November 4, 2024 and sell it today you would earn a total of 193.00 from holding Hurco Companies or generate 9.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 75.0% |
| Values | Daily Returns |
Hurco Companies vs. STANLN 6301 09 JAN 29
Performance |
| Timeline |
| Hurco Companies |
| STANLN 6301 09 |
Hurco Companies and STANLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hurco Companies and STANLN
The main advantage of trading using opposite Hurco Companies and STANLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hurco Companies position performs unexpectedly, STANLN 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 STANLN will offset losses from the drop in STANLN's long position.| Hurco Companies vs. Enerpac Tool Group | Hurco Companies vs. Enpro Industries | Hurco Companies vs. Omega Flex | Hurco Companies vs. Gorman Rupp |
| STANLN vs. Cheche Group Class | STANLN vs. Reservoir Media | STANLN vs. Imax Corp | STANLN vs. Zoom Video Communications |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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