Correlation Between Intel and LEGGETT
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By analyzing existing cross correlation between Intel and LEGGETT PLATT INC, you can compare the effects of market volatilities on Intel and LEGGETT 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 LEGGETT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and LEGGETT.
Diversification Opportunities for Intel and LEGGETT
Average diversification
The 3 months correlation between Intel and LEGGETT is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Intel and LEGGETT PLATT INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LEGGETT PLATT INC 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 LEGGETT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LEGGETT PLATT INC has no effect on the direction of Intel i.e., Intel and LEGGETT go up and down completely randomly.
Pair Corralation between Intel and LEGGETT
Given the investment horizon of 90 days Intel is expected to generate 7.19 times more return on investment than LEGGETT. However, Intel is 7.19 times more volatile than LEGGETT PLATT INC. It trades about 0.16 of its potential returns per unit of risk. LEGGETT PLATT INC is currently generating about -0.15 per unit of risk. If you would invest 1,980 in Intel on November 29, 2024 and sell it today you would earn a total of 329.00 from holding Intel or generate 16.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Intel vs. LEGGETT PLATT INC
Performance |
| Timeline |
| Intel |
| LEGGETT PLATT INC |
Intel and LEGGETT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and LEGGETT
The main advantage of trading using opposite Intel and LEGGETT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, LEGGETT 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 LEGGETT will offset losses from the drop in LEGGETT's long position.| Intel vs. NVIDIA | Intel vs. Taiwan Semiconductor Manufacturing | Intel vs. Marvell Technology Group | Intel vs. Micron Technology |
| LEGGETT vs. FitLife Brands, Common | LEGGETT vs. Axalta Coating Systems | LEGGETT vs. PPG Industries | LEGGETT vs. Village Super Market |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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