Correlation Between IES Holdings and 26441CBM6
Specify exactly 2 symbols:
By analyzing existing cross correlation between IES Holdings and DUKE ENERGY P, you can compare the effects of market volatilities on IES Holdings and 26441CBM6 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 IES Holdings with a short position of 26441CBM6. Check out your portfolio center. Please also check ongoing floating volatility patterns of IES Holdings and 26441CBM6.
Diversification Opportunities for IES Holdings and 26441CBM6
0.29 | Correlation Coefficient |
Modest diversification
The 3 months correlation between IES and 26441CBM6 is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding IES Holdings and DUKE ENERGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DUKE ENERGY P and IES Holdings 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 IES Holdings are associated (or correlated) with 26441CBM6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DUKE ENERGY P has no effect on the direction of IES Holdings i.e., IES Holdings and 26441CBM6 go up and down completely randomly.
Pair Corralation between IES Holdings and 26441CBM6
Given the investment horizon of 90 days IES Holdings is expected to under-perform the 26441CBM6. In addition to that, IES Holdings is 5.28 times more volatile than DUKE ENERGY P. It trades about -0.15 of its total potential returns per unit of risk. DUKE ENERGY P is currently generating about 0.13 per unit of volatility. If you would invest 7,396 in DUKE ENERGY P on November 28, 2024 and sell it today you would earn a total of 135.00 from holding DUKE ENERGY P or generate 1.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
IES Holdings vs. DUKE ENERGY P
Performance |
| Timeline |
| IES Holdings |
| DUKE ENERGY P |
IES Holdings and 26441CBM6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with IES Holdings and 26441CBM6
The main advantage of trading using opposite IES Holdings and 26441CBM6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if IES Holdings position performs unexpectedly, 26441CBM6 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 26441CBM6 will offset losses from the drop in 26441CBM6's long position.| IES Holdings vs. EMCOR Group | IES Holdings vs. Comfort Systems USA | IES Holdings vs. Primoris Services | IES Holdings vs. Granite Construction Incorporated |
| 26441CBM6 vs. Sonida Senior Living | 26441CBM6 vs. Franklin Wireless Corp | 26441CBM6 vs. Neogen | 26441CBM6 vs. Regeneron Pharmaceuticals |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |