Correlation Between Intel and CORNING
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By analyzing existing cross correlation between Intel and CORNING INC 585, you can compare the effects of market volatilities on Intel and CORNING 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 Intel with a short position of CORNING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and CORNING.
Diversification Opportunities for Intel and CORNING
Very good diversification
The 3 months correlation between Intel and CORNING is -0.48. Overlapping area represents the amount of risk that can be diversified away by holding Intel and CORNING INC 585 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CORNING INC 585 and Intel 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 Intel are associated (or correlated) with CORNING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CORNING INC 585 has no effect on the direction of Intel i.e., Intel and CORNING go up and down completely randomly.
Pair Corralation between Intel and CORNING
Given the investment horizon of 90 days Intel is expected to generate 1.42 times more return on investment than CORNING. However, Intel is 1.42 times more volatile than CORNING INC 585. It trades about 0.07 of its potential returns per unit of risk. CORNING INC 585 is currently generating about 0.02 per unit of risk. If you would invest 2,320 in Intel on September 2, 2024 and sell it today you would earn a total of 85.00 from holding Intel or generate 3.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 80.95% |
| Values | Daily Returns |
Intel vs. CORNING INC 585
Performance |
| Timeline |
| Intel |
| CORNING INC 585 |
Intel and CORNING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and CORNING
The main advantage of trading using opposite Intel and CORNING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, CORNING 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 CORNING will offset losses from the drop in CORNING's long position.| Intel vs. NXP Semiconductors NV | Intel vs. GSI Technology | Intel vs. MaxLinear | Intel vs. Texas Instruments Incorporated |
| CORNING vs. AEP TEX INC | CORNING vs. US BANK NATIONAL | CORNING vs. Bank of America | CORNING vs. GE Aerospace |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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