Correlation Between NYSE Composite and CORNING
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By analyzing existing cross correlation between NYSE Composite and CORNING INC 585, you can compare the effects of market volatilities on NYSE Composite and CORNING 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 NYSE Composite with a short position of CORNING. Check out your portfolio center. Please also check ongoing floating volatility patterns of NYSE Composite and CORNING.
Diversification Opportunities for NYSE Composite and CORNING
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between NYSE and CORNING is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding NYSE Composite and CORNING INC 585 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CORNING INC 585 and NYSE Composite 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 NYSE Composite are associated (or correlated) with CORNING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CORNING INC 585 has no effect on the direction of NYSE Composite i.e., NYSE Composite and CORNING go up and down completely randomly.
Pair Corralation between NYSE Composite and CORNING
Assuming the 90 days trading horizon NYSE Composite is expected to generate 0.29 times more return on investment than CORNING. However, NYSE Composite is 3.49 times less risky than CORNING. It trades about 0.41 of its potential returns per unit of risk. CORNING INC 585 is currently generating about 0.02 per unit of risk. If you would invest 1,925,354 in NYSE Composite on September 2, 2024 and sell it today you would earn a total of 101,850 from holding NYSE Composite or generate 5.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 80.95% |
| Values | Daily Returns |
NYSE Composite vs. CORNING INC 585
Performance |
| Timeline |
NYSE Composite and CORNING Volatility Contrast
Predicted Return Density |
| Returns |
NYSE Composite
Pair trading matchups for NYSE Composite
CORNING INC 585
Pair trading matchups for CORNING
Pair Trading with NYSE Composite and CORNING
The main advantage of trading using opposite NYSE Composite and CORNING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NYSE Composite position performs unexpectedly, CORNING 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 CORNING will offset losses from the drop in CORNING's long position.| NYSE Composite vs. Simon Property Group | NYSE Composite vs. Merit Medical Systems | NYSE Composite vs. Catalent | NYSE Composite vs. Titan Machinery |
| CORNING vs. AEP TEX INC | CORNING vs. US BANK NATIONAL | CORNING vs. Bank of America | CORNING vs. GE Aerospace |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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