Correlation Between LightPath Technologies and PHILIP
Specify exactly 2 symbols:
By analyzing existing cross correlation between LightPath Technologies and PHILIP MORRIS INTL, you can compare the effects of market volatilities on LightPath Technologies and PHILIP 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 LightPath Technologies with a short position of PHILIP. Check out your portfolio center. Please also check ongoing floating volatility patterns of LightPath Technologies and PHILIP.
Diversification Opportunities for LightPath Technologies and PHILIP
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between LightPath and PHILIP is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding LightPath Technologies and PHILIP MORRIS INTL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PHILIP MORRIS INTL and LightPath Technologies 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 LightPath Technologies are associated (or correlated) with PHILIP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PHILIP MORRIS INTL has no effect on the direction of LightPath Technologies i.e., LightPath Technologies and PHILIP go up and down completely randomly.
Pair Corralation between LightPath Technologies and PHILIP
Given the investment horizon of 90 days LightPath Technologies is expected to under-perform the PHILIP. In addition to that, LightPath Technologies is 6.31 times more volatile than PHILIP MORRIS INTL. It trades about -0.33 of its total potential returns per unit of risk. PHILIP MORRIS INTL is currently generating about -0.13 per unit of volatility. If you would invest 8,024 in PHILIP MORRIS INTL on December 9, 2024 and sell it today you would lose (185.00) from holding PHILIP MORRIS INTL or give up 2.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
LightPath Technologies vs. PHILIP MORRIS INTL
Performance |
| Timeline |
| LightPath Technologies |
| PHILIP MORRIS INTL |
LightPath Technologies and PHILIP Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with LightPath Technologies and PHILIP
The main advantage of trading using opposite LightPath Technologies and PHILIP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if LightPath Technologies position performs unexpectedly, PHILIP 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 PHILIP will offset losses from the drop in PHILIP's long position.| LightPath Technologies vs. Methode Electronics | ||
| LightPath Technologies vs. OSI Systems | ||
| LightPath Technologies vs. Plexus Corp | ||
| LightPath Technologies vs. CTS Corporation |
| PHILIP vs. Anheuser Busch Inbev | ||
| PHILIP vs. Fomento Economico Mexicano | ||
| PHILIP vs. PepsiCo | ||
| PHILIP vs. Vita Coco |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
Other Complementary Tools
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |