Correlation Between Luxfer Holdings and 07786DAA4
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By analyzing existing cross correlation between Luxfer Holdings PLC and BELL ATLANTIC PENNSYLVANIA INC, you can compare the effects of market volatilities on Luxfer Holdings and 07786DAA4 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 07786DAA4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Luxfer Holdings and 07786DAA4.
Diversification Opportunities for Luxfer Holdings and 07786DAA4
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Luxfer and 07786DAA4 is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Luxfer Holdings PLC and BELL ATLANTIC PENNSYLVANIA INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BELL ATLANTIC PENNSY 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 07786DAA4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BELL ATLANTIC PENNSY has no effect on the direction of Luxfer Holdings i.e., Luxfer Holdings and 07786DAA4 go up and down completely randomly.
Pair Corralation between Luxfer Holdings and 07786DAA4
Given the investment horizon of 90 days Luxfer Holdings PLC is expected to under-perform the 07786DAA4. In addition to that, Luxfer Holdings is 1.34 times more volatile than BELL ATLANTIC PENNSYLVANIA INC. It trades about -0.15 of its total potential returns per unit of risk. BELL ATLANTIC PENNSYLVANIA INC is currently generating about 0.0 per unit of volatility. If you would invest 10,184 in BELL ATLANTIC PENNSYLVANIA INC on September 15, 2024 and sell it today you would lose (18.00) from holding BELL ATLANTIC PENNSYLVANIA INC or give up 0.18% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 57.14% |
| Values | Daily Returns |
Luxfer Holdings PLC vs. BELL ATLANTIC PENNSYLVANIA INC
Performance |
| Timeline |
| Luxfer Holdings PLC |
| BELL ATLANTIC PENNSY |
Luxfer Holdings and 07786DAA4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Luxfer Holdings and 07786DAA4
The main advantage of trading using opposite Luxfer Holdings and 07786DAA4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Luxfer Holdings position performs unexpectedly, 07786DAA4 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 07786DAA4 will offset losses from the drop in 07786DAA4's long position.| Luxfer Holdings vs. Graham | Luxfer Holdings vs. Enerpac Tool Group | Luxfer Holdings vs. Kadant Inc | Luxfer Holdings vs. Omega Flex |
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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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
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