Correlation Between Hawkins and Nasdaq CTA
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By analyzing existing cross correlation between Hawkins and Nasdaq CTA Artificial, you can compare the effects of market volatilities on Hawkins and Nasdaq CTA 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 Hawkins with a short position of Nasdaq CTA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hawkins and Nasdaq CTA.
Diversification Opportunities for Hawkins and Nasdaq CTA
0.47 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Hawkins and Nasdaq is 0.47. Overlapping area represents the amount of risk that can be diversified away by holding Hawkins and Nasdaq CTA Artificial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nasdaq CTA Artificial and Hawkins 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 Hawkins are associated (or correlated) with Nasdaq CTA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nasdaq CTA Artificial has no effect on the direction of Hawkins i.e., Hawkins and Nasdaq CTA go up and down completely randomly.
Pair Corralation between Hawkins and Nasdaq CTA
Given the investment horizon of 90 days Hawkins is expected to under-perform the Nasdaq CTA. In addition to that, Hawkins is 2.07 times more volatile than Nasdaq CTA Artificial. It trades about -0.17 of its total potential returns per unit of risk. Nasdaq CTA Artificial is currently generating about -0.18 per unit of volatility. If you would invest 166,991 in Nasdaq CTA Artificial on September 24, 2024 and sell it today you would lose (7,481) from holding Nasdaq CTA Artificial or give up 4.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Hawkins vs. Nasdaq CTA Artificial
Performance |
| Timeline |
Hawkins and Nasdaq CTA Volatility Contrast
Predicted Return Density |
| Returns |
Hawkins
Pair trading matchups for Hawkins
Nasdaq CTA Artificial
Pair trading matchups for Nasdaq CTA
Pair Trading with Hawkins and Nasdaq CTA
The main advantage of trading using opposite Hawkins and Nasdaq CTA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hawkins position performs unexpectedly, Nasdaq CTA 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 Nasdaq CTA will offset losses from the drop in Nasdaq CTA's long position.| Hawkins vs. International Flavors Fragrances | Hawkins vs. Air Products and | Hawkins vs. Linde plc Ordinary | Hawkins vs. PPG Industries |
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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