Correlation Between Summit Materials and CORNING
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By analyzing existing cross correlation between Summit Materials and CORNING INC 585, you can compare the effects of market volatilities on Summit Materials and CORNING 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 Summit Materials with a short position of CORNING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Summit Materials and CORNING.
Diversification Opportunities for Summit Materials and CORNING
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Summit and CORNING is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Summit Materials and CORNING INC 585 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CORNING INC 585 and Summit Materials 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 Summit Materials are associated (or correlated) with CORNING. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CORNING INC 585 has no effect on the direction of Summit Materials i.e., Summit Materials and CORNING go up and down completely randomly.
Pair Corralation between Summit Materials and CORNING
Considering the 90-day investment horizon Summit Materials is expected to generate 1.04 times more return on investment than CORNING. However, Summit Materials is 1.04 times more volatile than CORNING INC 585. It trades about 0.13 of its potential returns per unit of risk. CORNING INC 585 is currently generating about 0.07 per unit of risk. If you would invest 4,899 in Summit Materials on September 13, 2024 and sell it today you would earn a total of 183.00 from holding Summit Materials or generate 3.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 77.27% |
| Values | Daily Returns |
Summit Materials vs. CORNING INC 585
Performance |
| Timeline |
| Summit Materials |
| CORNING INC 585 |
Summit Materials and CORNING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Summit Materials and CORNING
The main advantage of trading using opposite Summit Materials and CORNING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Summit Materials position performs unexpectedly, CORNING 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 CORNING will offset losses from the drop in CORNING's long position.| Summit Materials vs. Martin Marietta Materials | Summit Materials vs. Vulcan Materials | Summit Materials vs. United States Lime | Summit Materials vs. James Hardie Industries |
| CORNING vs. Anheuser Busch Inbev | CORNING vs. Alvarium Tiedemann Holdings | CORNING vs. Summit Hotel Properties | CORNING vs. Boston Beer |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
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