Correlation Between Sigdo Koppers and Salfacorp
Specify exactly 2 symbols:
By analyzing existing cross correlation between Sigdo Koppers and Salfacorp, you can compare the effects of market volatilities on Sigdo Koppers and Salfacorp 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 Sigdo Koppers with a short position of Salfacorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sigdo Koppers and Salfacorp.
Diversification Opportunities for Sigdo Koppers and Salfacorp
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Sigdo and Salfacorp is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Sigdo Koppers and Salfacorp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Salfacorp and Sigdo Koppers 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 Sigdo Koppers are associated (or correlated) with Salfacorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Salfacorp has no effect on the direction of Sigdo Koppers i.e., Sigdo Koppers and Salfacorp go up and down completely randomly.
Pair Corralation between Sigdo Koppers and Salfacorp
Assuming the 90 days horizon Sigdo Koppers is expected to under-perform the Salfacorp. But the stock apears to be less risky and, when comparing its historical volatility, Sigdo Koppers is 1.64 times less risky than Salfacorp. The stock trades about -0.16 of its potential returns per unit of risk. The Salfacorp is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 54,127 in Salfacorp on September 1, 2024 and sell it today you would earn a total of 1,373 from holding Salfacorp or generate 2.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 88.52% |
| Values | Daily Returns |
Sigdo Koppers vs. Salfacorp
Performance |
| Timeline |
| Sigdo Koppers |
| Salfacorp |
Sigdo Koppers and Salfacorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sigdo Koppers and Salfacorp
The main advantage of trading using opposite Sigdo Koppers and Salfacorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sigdo Koppers position performs unexpectedly, Salfacorp 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 Salfacorp will offset losses from the drop in Salfacorp's long position.| Sigdo Koppers vs. Salfacorp | Sigdo Koppers vs. Enel Chile SA | Sigdo Koppers vs. Embotelladora Andina SA | Sigdo Koppers vs. Sociedad Matriz SAAM |
| Salfacorp vs. Aguas Andinas SA | Salfacorp vs. Parq Arauco | Salfacorp vs. Enel Generacin Chile | Salfacorp vs. Sociedad Matriz SAAM |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences |