Correlation Between Sealed Air and HARRIS
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By analyzing existing cross correlation between Sealed Air and HARRIS P DEL, you can compare the effects of market volatilities on Sealed Air and HARRIS 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 Sealed Air with a short position of HARRIS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sealed Air and HARRIS.
Diversification Opportunities for Sealed Air and HARRIS
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Sealed and HARRIS is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Sealed Air and HARRIS P DEL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HARRIS P DEL and Sealed Air 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 Sealed Air are associated (or correlated) with HARRIS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HARRIS P DEL has no effect on the direction of Sealed Air i.e., Sealed Air and HARRIS go up and down completely randomly.
Pair Corralation between Sealed Air and HARRIS
Considering the 90-day investment horizon Sealed Air is expected to generate 1.51 times more return on investment than HARRIS. However, Sealed Air is 1.51 times more volatile than HARRIS P DEL. It trades about 0.05 of its potential returns per unit of risk. HARRIS P DEL is currently generating about -0.22 per unit of risk. If you would invest 3,567 in Sealed Air on September 12, 2024 and sell it today you would earn a total of 44.00 from holding Sealed Air or generate 1.23% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Sealed Air vs. HARRIS P DEL
Performance |
| Timeline |
| Sealed Air |
| HARRIS P DEL |
Sealed Air and HARRIS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sealed Air and HARRIS
The main advantage of trading using opposite Sealed Air and HARRIS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sealed Air position performs unexpectedly, HARRIS 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 HARRIS will offset losses from the drop in HARRIS's long position.| Sealed Air vs. Avery Dennison Corp | Sealed Air vs. International Paper | Sealed Air vs. Sonoco Products | Sealed Air vs. Packaging Corp of |
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 CEOs Directory module to screen CEOs from public companies around the world.
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