Correlation Between Luxfer Holdings and 62954HAV0
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By analyzing existing cross correlation between Luxfer Holdings PLC and NXPI 43 18 JUN 29, you can compare the effects of market volatilities on Luxfer Holdings and 62954HAV0 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 62954HAV0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Luxfer Holdings and 62954HAV0.
Diversification Opportunities for Luxfer Holdings and 62954HAV0
-0.77 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Luxfer and 62954HAV0 is -0.77. Overlapping area represents the amount of risk that can be diversified away by holding Luxfer Holdings PLC and NXPI 43 18 JUN 29 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NXPI 43 18 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 62954HAV0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NXPI 43 18 has no effect on the direction of Luxfer Holdings i.e., Luxfer Holdings and 62954HAV0 go up and down completely randomly.
Pair Corralation between Luxfer Holdings and 62954HAV0
Given the investment horizon of 90 days Luxfer Holdings PLC is expected to generate 4.42 times more return on investment than 62954HAV0. However, Luxfer Holdings is 4.42 times more volatile than NXPI 43 18 JUN 29. It trades about 0.02 of its potential returns per unit of risk. NXPI 43 18 JUN 29 is currently generating about 0.0 per unit of risk. If you would invest 1,281 in Luxfer Holdings PLC on September 3, 2024 and sell it today you would earn a total of 155.00 from holding Luxfer Holdings PLC or generate 12.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.35% |
| Values | Daily Returns |
Luxfer Holdings PLC vs. NXPI 43 18 JUN 29
Performance |
| Timeline |
| Luxfer Holdings PLC |
| NXPI 43 18 |
Luxfer Holdings and 62954HAV0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Luxfer Holdings and 62954HAV0
The main advantage of trading using opposite Luxfer Holdings and 62954HAV0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Luxfer Holdings position performs unexpectedly, 62954HAV0 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 62954HAV0 will offset losses from the drop in 62954HAV0'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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
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