Correlation Between Palantir Technologies and CARRIER
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By analyzing existing cross correlation between Palantir Technologies Class and CARRIER GLOBAL P, you can compare the effects of market volatilities on Palantir Technologies and CARRIER 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 Palantir Technologies with a short position of CARRIER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Palantir Technologies and CARRIER.
Diversification Opportunities for Palantir Technologies and CARRIER
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Palantir and CARRIER is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding Palantir Technologies Class and CARRIER GLOBAL P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CARRIER GLOBAL P and Palantir 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 Palantir Technologies Class are associated (or correlated) with CARRIER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CARRIER GLOBAL P has no effect on the direction of Palantir Technologies i.e., Palantir Technologies and CARRIER go up and down completely randomly.
Pair Corralation between Palantir Technologies and CARRIER
Given the investment horizon of 90 days Palantir Technologies Class is expected to generate 3.43 times more return on investment than CARRIER. However, Palantir Technologies is 3.43 times more volatile than CARRIER GLOBAL P. It trades about 0.16 of its potential returns per unit of risk. CARRIER GLOBAL P is currently generating about -0.03 per unit of risk. If you would invest 1,722 in Palantir Technologies Class on September 2, 2024 and sell it today you would earn a total of 4,986 from holding Palantir Technologies Class or generate 289.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 94.76% |
| Values | Daily Returns |
Palantir Technologies Class vs. CARRIER GLOBAL P
Performance |
| Timeline |
| Palantir Technologies |
| CARRIER GLOBAL P |
Palantir Technologies and CARRIER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Palantir Technologies and CARRIER
The main advantage of trading using opposite Palantir Technologies and CARRIER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Palantir Technologies position performs unexpectedly, CARRIER 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 CARRIER will offset losses from the drop in CARRIER's long position.| Palantir Technologies vs. Palo Alto Networks | Palantir Technologies vs. Adobe Systems Incorporated | Palantir Technologies vs. Crowdstrike Holdings | Palantir Technologies vs. Block Inc |
| CARRIER vs. Playtika Holding Corp | CARRIER vs. Mind Technology | CARRIER vs. Playa Hotels Resorts | CARRIER vs. JD Sports Fashion |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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