Correlation Between Imaflex and Silgan Holdings
Can any of the company-specific risk be diversified away by investing in both Imaflex and Silgan Holdings at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Imaflex and Silgan Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Imaflex and Silgan Holdings, you can compare the effects of market volatilities on Imaflex and Silgan Holdings 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 Imaflex with a short position of Silgan Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Imaflex and Silgan Holdings.
Diversification Opportunities for Imaflex and Silgan Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Imaflex and Silgan is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Imaflex and Silgan Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Silgan Holdings and Imaflex 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 Imaflex are associated (or correlated) with Silgan Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Silgan Holdings has no effect on the direction of Imaflex i.e., Imaflex and Silgan Holdings go up and down completely randomly.
Pair Corralation between Imaflex and Silgan Holdings
If you would invest 5,116 in Silgan Holdings on August 27, 2024 and sell it today you would earn a total of 537.00 from holding Silgan Holdings or generate 10.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Imaflex vs. Silgan Holdings
Performance |
| Timeline |
| Imaflex |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
| Silgan Holdings |
Imaflex and Silgan Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Imaflex and Silgan Holdings
The main advantage of trading using opposite Imaflex and Silgan Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Imaflex position performs unexpectedly, Silgan Holdings 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 Silgan Holdings will offset losses from the drop in Silgan Holdings' long position.| Imaflex vs. Karat Packaging | Imaflex vs. NEXE Innovations | Imaflex vs. DSS Inc | Imaflex vs. good natured Products |
| Silgan Holdings vs. Pactiv Evergreen | Silgan Holdings vs. Myers Industries | Silgan Holdings vs. Sonoco Products | Silgan Holdings vs. Avery Dennison Corp |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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