Correlation Between Taskus and CACI International
Can any of the company-specific risk be diversified away by investing in both Taskus and CACI International 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 Taskus and CACI International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Taskus Inc and CACI International, you can compare the effects of market volatilities on Taskus and CACI International 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 Taskus with a short position of CACI International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Taskus and CACI International.
Diversification Opportunities for Taskus and CACI International
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Taskus and CACI is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding Taskus Inc and CACI International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CACI International and Taskus 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 Taskus Inc are associated (or correlated) with CACI International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CACI International has no effect on the direction of Taskus i.e., Taskus and CACI International go up and down completely randomly.
Pair Corralation between Taskus and CACI International
Given the investment horizon of 90 days Taskus Inc is expected to generate 2.1 times more return on investment than CACI International. However, Taskus is 2.1 times more volatile than CACI International. It trades about 0.18 of its potential returns per unit of risk. CACI International is currently generating about -0.12 per unit of risk. If you would invest 1,188 in Taskus Inc on August 24, 2024 and sell it today you would earn a total of 286.00 from holding Taskus Inc or generate 24.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Taskus Inc vs. CACI International
Performance |
| Timeline |
| Taskus Inc |
| CACI International |
Taskus and CACI International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Taskus and CACI International
The main advantage of trading using opposite Taskus and CACI International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Taskus position performs unexpectedly, CACI International 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 CACI International will offset losses from the drop in CACI International's long position.The idea behind Taskus Inc and CACI International pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.| CACI International vs. Leidos Holdings | CACI International vs. Parsons Corp | CACI International vs. ASGN Inc | CACI International vs. ExlService Holdings |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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