Correlation Between Proficient Auto and CIGNA
Specify exactly 2 symbols:
By analyzing existing cross correlation between Proficient Auto Logistics, and CIGNA P, you can compare the effects of market volatilities on Proficient Auto and CIGNA 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 Proficient Auto with a short position of CIGNA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Proficient Auto and CIGNA.
Diversification Opportunities for Proficient Auto and CIGNA
0.49 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Proficient and CIGNA is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Proficient Auto Logistics, and CIGNA P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CIGNA P and Proficient Auto 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 Proficient Auto Logistics, are associated (or correlated) with CIGNA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CIGNA P has no effect on the direction of Proficient Auto i.e., Proficient Auto and CIGNA go up and down completely randomly.
Pair Corralation between Proficient Auto and CIGNA
Considering the 90-day investment horizon Proficient Auto Logistics, is expected to under-perform the CIGNA. In addition to that, Proficient Auto is 11.38 times more volatile than CIGNA P. It trades about -0.07 of its total potential returns per unit of risk. CIGNA P is currently generating about 0.0 per unit of volatility. If you would invest 9,923 in CIGNA P on September 12, 2024 and sell it today you would earn a total of 12.00 from holding CIGNA P or generate 0.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 30.49% |
| Values | Daily Returns |
Proficient Auto Logistics, vs. CIGNA P
Performance |
| Timeline |
| Proficient Auto Logi |
| CIGNA P |
Proficient Auto and CIGNA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Proficient Auto and CIGNA
The main advantage of trading using opposite Proficient Auto and CIGNA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Proficient Auto position performs unexpectedly, CIGNA 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 CIGNA will offset losses from the drop in CIGNA's long position.| Proficient Auto vs. Church Dwight | Proficient Auto vs. Eastman Chemical | Proficient Auto vs. Arhaus Inc | Proficient Auto vs. NETGEAR |
| CIGNA vs. Sapiens International | CIGNA vs. Sun Country Airlines | CIGNA vs. Old Dominion Freight | CIGNA vs. Ryanair Holdings PLC |
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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |