Correlation Between RBC Bearings and TOTAL
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By analyzing existing cross correlation between RBC Bearings Incorporated and TOTAL CAPITAL INTERNATIONAL, you can compare the effects of market volatilities on RBC Bearings and TOTAL 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 RBC Bearings with a short position of TOTAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of RBC Bearings and TOTAL.
Diversification Opportunities for RBC Bearings and TOTAL
-0.61 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between RBC and TOTAL is -0.61. Overlapping area represents the amount of risk that can be diversified away by holding RBC Bearings Incorporated and TOTAL CAPITAL INTERNATIONAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TOTAL CAPITAL INTERN and RBC Bearings 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 RBC Bearings Incorporated are associated (or correlated) with TOTAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TOTAL CAPITAL INTERN has no effect on the direction of RBC Bearings i.e., RBC Bearings and TOTAL go up and down completely randomly.
Pair Corralation between RBC Bearings and TOTAL
Considering the 90-day investment horizon RBC Bearings Incorporated is expected to generate 1.38 times more return on investment than TOTAL. However, RBC Bearings is 1.38 times more volatile than TOTAL CAPITAL INTERNATIONAL. It trades about 0.15 of its potential returns per unit of risk. TOTAL CAPITAL INTERNATIONAL is currently generating about -0.2 per unit of risk. If you would invest 32,008 in RBC Bearings Incorporated on September 12, 2024 and sell it today you would earn a total of 1,246 from holding RBC Bearings Incorporated or generate 3.89% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
RBC Bearings Incorporated vs. TOTAL CAPITAL INTERNATIONAL
Performance |
| Timeline |
| RBC Bearings |
| TOTAL CAPITAL INTERN |
RBC Bearings and TOTAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with RBC Bearings and TOTAL
The main advantage of trading using opposite RBC Bearings and TOTAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if RBC Bearings position performs unexpectedly, TOTAL 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 TOTAL will offset losses from the drop in TOTAL's long position.| RBC Bearings vs. Kennametal | RBC Bearings vs. Snap On | RBC Bearings vs. Eastern Co | RBC Bearings vs. Lincoln Electric Holdings |
| TOTAL vs. Mativ Holdings | TOTAL vs. Digi International | TOTAL vs. RBC Bearings Incorporated | TOTAL vs. Radcom |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
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