Correlation Between Luxfer Holdings and SEAGATE
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By analyzing existing cross correlation between Luxfer Holdings PLC and SEAGATE HDD CAYMAN, you can compare the effects of market volatilities on Luxfer Holdings and SEAGATE 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 SEAGATE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Luxfer Holdings and SEAGATE.
Diversification Opportunities for Luxfer Holdings and SEAGATE
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Luxfer and SEAGATE is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Luxfer Holdings PLC and SEAGATE HDD CAYMAN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SEAGATE HDD CAYMAN 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 SEAGATE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SEAGATE HDD CAYMAN has no effect on the direction of Luxfer Holdings i.e., Luxfer Holdings and SEAGATE go up and down completely randomly.
Pair Corralation between Luxfer Holdings and SEAGATE
Given the investment horizon of 90 days Luxfer Holdings PLC is expected to generate 1.08 times more return on investment than SEAGATE. However, Luxfer Holdings is 1.08 times more volatile than SEAGATE HDD CAYMAN. It trades about 0.14 of its potential returns per unit of risk. SEAGATE HDD CAYMAN is currently generating about -0.2 per unit of risk. If you would invest 1,325 in Luxfer Holdings PLC on October 25, 2024 and sell it today you would earn a total of 64.00 from holding Luxfer Holdings PLC or generate 4.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
Luxfer Holdings PLC vs. SEAGATE HDD CAYMAN
Performance |
| Timeline |
| Luxfer Holdings PLC |
| SEAGATE HDD CAYMAN |
Luxfer Holdings and SEAGATE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Luxfer Holdings and SEAGATE
The main advantage of trading using opposite Luxfer Holdings and SEAGATE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Luxfer Holdings position performs unexpectedly, SEAGATE 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 SEAGATE will offset losses from the drop in SEAGATE'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 CEOs Directory module to screen CEOs from public companies around the world.
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