Correlation Between Sealed Air and SEAGATE
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By analyzing existing cross correlation between Sealed Air and SEAGATE HDD CAYMAN, you can compare the effects of market volatilities on Sealed Air and SEAGATE 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 SEAGATE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sealed Air and SEAGATE.
Diversification Opportunities for Sealed Air and SEAGATE
0.41 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Sealed and SEAGATE is 0.41. Overlapping area represents the amount of risk that can be diversified away by holding Sealed Air and SEAGATE HDD CAYMAN in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SEAGATE HDD CAYMAN 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 SEAGATE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SEAGATE HDD CAYMAN has no effect on the direction of Sealed Air i.e., Sealed Air and SEAGATE go up and down completely randomly.
Pair Corralation between Sealed Air and SEAGATE
Considering the 90-day investment horizon Sealed Air is expected to generate 0.72 times more return on investment than SEAGATE. However, Sealed Air is 1.39 times less risky than SEAGATE. It trades about 0.14 of its potential returns per unit of risk. SEAGATE HDD CAYMAN is currently generating about -0.2 per unit of risk. If you would invest 3,403 in Sealed Air on October 25, 2024 and sell it today you would earn a total of 114.00 from holding Sealed Air or generate 3.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
Sealed Air vs. SEAGATE HDD CAYMAN
Performance |
| Timeline |
| Sealed Air |
| SEAGATE HDD CAYMAN |
Sealed Air and SEAGATE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sealed Air and SEAGATE
The main advantage of trading using opposite Sealed Air and SEAGATE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sealed Air position performs unexpectedly, SEAGATE 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 SEAGATE will offset losses from the drop in SEAGATE'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 |
| SEAGATE vs. Alaska Air Group | SEAGATE vs. Sealed Air | SEAGATE vs. Origin Materials | SEAGATE vs. Sensient Technologies |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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