Correlation Between Hawkins and CARPENTER
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By analyzing existing cross correlation between Hawkins and CARPENTER TECHNOLOGY P, you can compare the effects of market volatilities on Hawkins and CARPENTER 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 CARPENTER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hawkins and CARPENTER.
Diversification Opportunities for Hawkins and CARPENTER
Very weak diversification
The 3 months correlation between Hawkins and CARPENTER is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Hawkins and CARPENTER TECHNOLOGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARPENTER TECHNOLOGY 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 CARPENTER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARPENTER TECHNOLOGY has no effect on the direction of Hawkins i.e., Hawkins and CARPENTER go up and down completely randomly.
Pair Corralation between Hawkins and CARPENTER
Given the investment horizon of 90 days Hawkins is expected to under-perform the CARPENTER. In addition to that, Hawkins is 4.46 times more volatile than CARPENTER TECHNOLOGY P. It trades about -0.01 of its total potential returns per unit of risk. CARPENTER TECHNOLOGY P is currently generating about 0.0 per unit of volatility. If you would invest 10,010 in CARPENTER TECHNOLOGY P on November 3, 2024 and sell it today you would earn a total of 0.00 from holding CARPENTER TECHNOLOGY P or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 99.2% |
| Values | Daily Returns |
Hawkins vs. CARPENTER TECHNOLOGY P
Performance |
| Timeline |
| Hawkins |
| CARPENTER TECHNOLOGY |
Hawkins and CARPENTER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hawkins and CARPENTER
The main advantage of trading using opposite Hawkins and CARPENTER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hawkins position performs unexpectedly, CARPENTER 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 CARPENTER will offset losses from the drop in CARPENTER's long position.| Hawkins vs. H B Fuller | Hawkins vs. Minerals Technologies | Hawkins vs. Quaker Chemical | Hawkins vs. Oil Dri |
| CARPENTER vs. Analog Devices | CARPENTER vs. Udemy Inc | CARPENTER vs. Vasta Platform | CARPENTER vs. Arrow Electronics |
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 File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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