Correlation Between Luxfer Holdings and 053332BD3
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By analyzing existing cross correlation between Luxfer Holdings PLC and AZO 475 01 FEB 33, you can compare the effects of market volatilities on Luxfer Holdings and 053332BD3 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 Luxfer Holdings with a short position of 053332BD3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Luxfer Holdings and 053332BD3.
Diversification Opportunities for Luxfer Holdings and 053332BD3
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Luxfer and 053332BD3 is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Luxfer Holdings PLC and AZO 475 01 FEB 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AZO 475 01 and Luxfer Holdings 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 Luxfer Holdings PLC are associated (or correlated) with 053332BD3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AZO 475 01 has no effect on the direction of Luxfer Holdings i.e., Luxfer Holdings and 053332BD3 go up and down completely randomly.
Pair Corralation between Luxfer Holdings and 053332BD3
Given the investment horizon of 90 days Luxfer Holdings PLC is expected to generate 2.13 times more return on investment than 053332BD3. However, Luxfer Holdings is 2.13 times more volatile than AZO 475 01 FEB 33. It trades about 0.09 of its potential returns per unit of risk. AZO 475 01 FEB 33 is currently generating about 0.0 per unit of risk. If you would invest 1,430 in Luxfer Holdings PLC on September 4, 2024 and sell it today you would earn a total of 50.00 from holding Luxfer Holdings PLC or generate 3.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Luxfer Holdings PLC vs. AZO 475 01 FEB 33
Performance |
| Timeline |
| Luxfer Holdings PLC |
| AZO 475 01 |
Luxfer Holdings and 053332BD3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Luxfer Holdings and 053332BD3
The main advantage of trading using opposite Luxfer Holdings and 053332BD3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Luxfer Holdings position performs unexpectedly, 053332BD3 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 053332BD3 will offset losses from the drop in 053332BD3's long position.| Luxfer Holdings vs. JE Cleantech Holdings | Luxfer Holdings vs. Laser Photonics | Luxfer Holdings vs. Siemens AG Class | Luxfer Holdings vs. ATVRockN |
| 053332BD3 vs. National CineMedia | 053332BD3 vs. Bluerock Homes Trust | 053332BD3 vs. Papaya Growth Opportunity | 053332BD3 vs. KVH Industries |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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