Correlation Between Sherwin Williams and NEO PERFORMMAT
Can any of the company-specific risk be diversified away by investing in both Sherwin Williams and NEO PERFORMMAT at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Sherwin Williams and NEO PERFORMMAT into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between The Sherwin Williams and NEO PERFORMMAT, you can compare the effects of market volatilities on Sherwin Williams and NEO PERFORMMAT 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 Sherwin Williams with a short position of NEO PERFORMMAT. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sherwin Williams and NEO PERFORMMAT.
Diversification Opportunities for Sherwin Williams and NEO PERFORMMAT
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sherwin and NEO is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding The Sherwin Williams and NEO PERFORMMAT in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEO PERFORMMAT and Sherwin Williams 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 The Sherwin Williams are associated (or correlated) with NEO PERFORMMAT. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEO PERFORMMAT has no effect on the direction of Sherwin Williams i.e., Sherwin Williams and NEO PERFORMMAT go up and down completely randomly.
Pair Corralation between Sherwin Williams and NEO PERFORMMAT
If you would invest 0.00 in NEO PERFORMMAT on October 15, 2024 and sell it today you would earn a total of 0.00 from holding NEO PERFORMMAT or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 6.25% |
| Values | Daily Returns |
The Sherwin Williams vs. NEO PERFORMMAT
Performance |
| Timeline |
| Sherwin Williams |
| NEO PERFORMMAT |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Sherwin Williams and NEO PERFORMMAT Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sherwin Williams and NEO PERFORMMAT
The main advantage of trading using opposite Sherwin Williams and NEO PERFORMMAT positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sherwin Williams position performs unexpectedly, NEO PERFORMMAT 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 NEO PERFORMMAT will offset losses from the drop in NEO PERFORMMAT's long position.| Sherwin Williams vs. TOREX SEMICONDUCTOR LTD | Sherwin Williams vs. ELMOS SEMICONDUCTOR | Sherwin Williams vs. United Natural Foods | Sherwin Williams vs. Hua Hong Semiconductor |
| NEO PERFORMMAT vs. Soken Chemical Engineering | NEO PERFORMMAT vs. Sunny Optical Technology | NEO PERFORMMAT vs. DXC Technology Co | NEO PERFORMMAT vs. Lendlease Group |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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