Correlation Between Mirion Technologies and Crawford United
Can any of the company-specific risk be diversified away by investing in both Mirion Technologies and Crawford United at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Mirion Technologies and Crawford United into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Mirion Technologies and Crawford United, you can compare the effects of market volatilities on Mirion Technologies and Crawford United 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 Mirion Technologies with a short position of Crawford United. Check out your portfolio center. Please also check ongoing floating volatility patterns of Mirion Technologies and Crawford United.
Diversification Opportunities for Mirion Technologies and Crawford United
0.85 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Mirion and Crawford is 0.85. Overlapping area represents the amount of risk that can be diversified away by holding Mirion Technologies and Crawford United in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Crawford United and Mirion Technologies 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 Mirion Technologies are associated (or correlated) with Crawford United. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Crawford United has no effect on the direction of Mirion Technologies i.e., Mirion Technologies and Crawford United go up and down completely randomly.
Pair Corralation between Mirion Technologies and Crawford United
If you would invest 1,480 in Mirion Technologies on September 1, 2024 and sell it today you would earn a total of 207.00 from holding Mirion Technologies or generate 13.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 4.76% |
| Values | Daily Returns |
Mirion Technologies vs. Crawford United
Performance |
| Timeline |
| Mirion Technologies |
| Crawford United |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Mirion Technologies and Crawford United Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Mirion Technologies and Crawford United
The main advantage of trading using opposite Mirion Technologies and Crawford United positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Mirion Technologies position performs unexpectedly, Crawford United 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 Crawford United will offset losses from the drop in Crawford United's long position.| Mirion Technologies vs. Enpro Industries | Mirion Technologies vs. Graham | Mirion Technologies vs. CSW Industrials | Mirion Technologies vs. Gorman Rupp |
| Crawford United vs. New Ulm Telecom | Crawford United vs. Ieh Corp | Crawford United vs. FitLife Brands, Common | Crawford United vs. Butler National Corp |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |