Correlation Between Saia and 548661EF0
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By analyzing existing cross correlation between Saia Inc and LOW 445 01 APR 62, you can compare the effects of market volatilities on Saia and 548661EF0 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 Saia with a short position of 548661EF0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Saia and 548661EF0.
Diversification Opportunities for Saia and 548661EF0
Very good diversification
The 3 months correlation between Saia and 548661EF0 is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Saia Inc and LOW 445 01 APR 62 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LOW 445 01 and Saia 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 Saia Inc are associated (or correlated) with 548661EF0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LOW 445 01 has no effect on the direction of Saia i.e., Saia and 548661EF0 go up and down completely randomly.
Pair Corralation between Saia and 548661EF0
Given the investment horizon of 90 days Saia Inc is expected to under-perform the 548661EF0. In addition to that, Saia is 1.9 times more volatile than LOW 445 01 APR 62. It trades about -0.1 of its total potential returns per unit of risk. LOW 445 01 APR 62 is currently generating about 0.21 per unit of volatility. If you would invest 7,991 in LOW 445 01 APR 62 on September 13, 2024 and sell it today you would earn a total of 382.00 from holding LOW 445 01 APR 62 or generate 4.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Saia Inc vs. LOW 445 01 APR 62
Performance |
| Timeline |
| Saia Inc |
| LOW 445 01 |
Saia and 548661EF0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Saia and 548661EF0
The main advantage of trading using opposite Saia and 548661EF0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Saia position performs unexpectedly, 548661EF0 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 548661EF0 will offset losses from the drop in 548661EF0's long position.The idea behind Saia Inc and LOW 445 01 APR 62 pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| 548661EF0 vs. KNOT Offshore Partners | 548661EF0 vs. National Beverage Corp | 548661EF0 vs. The Coca Cola | 548661EF0 vs. BW Offshore Limited |
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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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