Correlation Between Inter Parfums and Calumet
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By analyzing existing cross correlation between Inter Parfums and Calumet Specialty Products, you can compare the effects of market volatilities on Inter Parfums and Calumet 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 Inter Parfums with a short position of Calumet. Check out your portfolio center. Please also check ongoing floating volatility patterns of Inter Parfums and Calumet.
Diversification Opportunities for Inter Parfums and Calumet
0.58 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Inter and Calumet is 0.58. Overlapping area represents the amount of risk that can be diversified away by holding Inter Parfums and Calumet Specialty Products in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calumet Specialty and Inter Parfums 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 Inter Parfums are associated (or correlated) with Calumet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calumet Specialty has no effect on the direction of Inter Parfums i.e., Inter Parfums and Calumet go up and down completely randomly.
Pair Corralation between Inter Parfums and Calumet
Given the investment horizon of 90 days Inter Parfums is expected to generate 4.47 times more return on investment than Calumet. However, Inter Parfums is 4.47 times more volatile than Calumet Specialty Products. It trades about 0.07 of its potential returns per unit of risk. Calumet Specialty Products is currently generating about 0.17 per unit of risk. If you would invest 11,899 in Inter Parfums on September 3, 2024 and sell it today you would earn a total of 1,867 from holding Inter Parfums or generate 15.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 29.6% |
| Values | Daily Returns |
Inter Parfums vs. Calumet Specialty Products
Performance |
| Timeline |
| Inter Parfums |
| Calumet Specialty |
Inter Parfums and Calumet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Inter Parfums and Calumet
The main advantage of trading using opposite Inter Parfums and Calumet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Inter Parfums position performs unexpectedly, Calumet 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 Calumet will offset losses from the drop in Calumet's long position.| Inter Parfums vs. Highway Holdings Limited | Inter Parfums vs. QCR Holdings | Inter Parfums vs. Partner Communications | Inter Parfums vs. Acumen Pharmaceuticals |
| Calumet vs. ChampionX | Calumet vs. Highway Holdings Limited | Calumet vs. Primoris Services | Calumet vs. Weibo 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 Top Crypto Exchanges module to search and analyze digital assets across top global cryptocurrency exchanges.
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