Correlation Between Luxfer Holdings and 44963BAD0
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By analyzing existing cross correlation between Luxfer Holdings PLC and IHO Verwaltungs 6375, you can compare the effects of market volatilities on Luxfer Holdings and 44963BAD0 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 44963BAD0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Luxfer Holdings and 44963BAD0.
Diversification Opportunities for Luxfer Holdings and 44963BAD0
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Luxfer and 44963BAD0 is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Luxfer Holdings PLC and IHO Verwaltungs 6375 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on IHO Verwaltungs 6375 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 44963BAD0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of IHO Verwaltungs 6375 has no effect on the direction of Luxfer Holdings i.e., Luxfer Holdings and 44963BAD0 go up and down completely randomly.
Pair Corralation between Luxfer Holdings and 44963BAD0
Given the investment horizon of 90 days Luxfer Holdings is expected to generate 2925.18 times less return on investment than 44963BAD0. But when comparing it to its historical volatility, Luxfer Holdings PLC is 39.82 times less risky than 44963BAD0. It trades about 0.0 of its potential returns per unit of risk. IHO Verwaltungs 6375 is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 9,176 in IHO Verwaltungs 6375 on October 25, 2024 and sell it today you would earn a total of 67.00 from holding IHO Verwaltungs 6375 or generate 0.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 56.8% |
| Values | Daily Returns |
Luxfer Holdings PLC vs. IHO Verwaltungs 6375
Performance |
| Timeline |
| Luxfer Holdings PLC |
| IHO Verwaltungs 6375 |
Luxfer Holdings and 44963BAD0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Luxfer Holdings and 44963BAD0
The main advantage of trading using opposite Luxfer Holdings and 44963BAD0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Luxfer Holdings position performs unexpectedly, 44963BAD0 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 44963BAD0 will offset losses from the drop in 44963BAD0'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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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