Correlation Between Sealed Air and 674599DX0
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By analyzing existing cross correlation between Sealed Air and OXY 75 01 NOV 96, you can compare the effects of market volatilities on Sealed Air and 674599DX0 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 674599DX0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sealed Air and 674599DX0.
Diversification Opportunities for Sealed Air and 674599DX0
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sealed and 674599DX0 is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Sealed Air and OXY 75 01 NOV 96 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OXY 75 01 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 674599DX0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OXY 75 01 has no effect on the direction of Sealed Air i.e., Sealed Air and 674599DX0 go up and down completely randomly.
Pair Corralation between Sealed Air and 674599DX0
Considering the 90-day investment horizon Sealed Air is expected to under-perform the 674599DX0. But the stock apears to be less risky and, when comparing its historical volatility, Sealed Air is 1.65 times less risky than 674599DX0. The stock trades about -0.02 of its potential returns per unit of risk. The OXY 75 01 NOV 96 is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 10,396 in OXY 75 01 NOV 96 on September 3, 2024 and sell it today you would lose (23.00) from holding OXY 75 01 NOV 96 or give up 0.22% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 25.25% |
| Values | Daily Returns |
Sealed Air vs. OXY 75 01 NOV 96
Performance |
| Timeline |
| Sealed Air |
| OXY 75 01 |
Sealed Air and 674599DX0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sealed Air and 674599DX0
The main advantage of trading using opposite Sealed Air and 674599DX0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sealed Air position performs unexpectedly, 674599DX0 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 674599DX0 will offset losses from the drop in 674599DX0'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 |
| 674599DX0 vs. Turning Point Brands | 674599DX0 vs. Air Lease | 674599DX0 vs. Diageo PLC ADR | 674599DX0 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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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