Correlation Between Nauticus Robotics and Curtiss Wright
Can any of the company-specific risk be diversified away by investing in both Nauticus Robotics and Curtiss Wright 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 Nauticus Robotics and Curtiss Wright into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nauticus Robotics and Curtiss Wright, you can compare the effects of market volatilities on Nauticus Robotics and Curtiss Wright 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 Nauticus Robotics with a short position of Curtiss Wright. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nauticus Robotics and Curtiss Wright.
Diversification Opportunities for Nauticus Robotics and Curtiss Wright
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nauticus and Curtiss is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Nauticus Robotics and Curtiss Wright in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Curtiss Wright and Nauticus Robotics 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 Nauticus Robotics are associated (or correlated) with Curtiss Wright. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Curtiss Wright has no effect on the direction of Nauticus Robotics i.e., Nauticus Robotics and Curtiss Wright go up and down completely randomly.
Pair Corralation between Nauticus Robotics and Curtiss Wright
Assuming the 90 days horizon Nauticus Robotics is expected to generate 15.42 times more return on investment than Curtiss Wright. However, Nauticus Robotics is 15.42 times more volatile than Curtiss Wright. It trades about 0.04 of its potential returns per unit of risk. Curtiss Wright is currently generating about 0.16 per unit of risk. If you would invest 17.00 in Nauticus Robotics on August 26, 2024 and sell it today you would lose (15.84) from holding Nauticus Robotics or give up 93.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 89.96% |
| Values | Daily Returns |
Nauticus Robotics vs. Curtiss Wright
Performance |
| Timeline |
| Nauticus Robotics |
| Curtiss Wright |
Nauticus Robotics and Curtiss Wright Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nauticus Robotics and Curtiss Wright
The main advantage of trading using opposite Nauticus Robotics and Curtiss Wright positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nauticus Robotics position performs unexpectedly, Curtiss Wright 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 Curtiss Wright will offset losses from the drop in Curtiss Wright's long position.| Nauticus Robotics vs. Nauticus Robotics | Nauticus Robotics vs. Chardan NexTech Acquisition | Nauticus Robotics vs. Arbe Robotics Ltd | Nauticus Robotics vs. Gorilla Technology Group |
| Curtiss Wright vs. Mercury Systems | Curtiss Wright vs. AAR Corp | Curtiss Wright vs. Ducommun Incorporated | Curtiss Wright vs. Moog Inc |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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