Correlation Between Travelers Companies and ARAMARK
Specify exactly 2 symbols:
By analyzing existing cross correlation between The Travelers Companies and ARAMARK SVCS INC, you can compare the effects of market volatilities on Travelers Companies and ARAMARK 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 Travelers Companies with a short position of ARAMARK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Travelers Companies and ARAMARK.
Diversification Opportunities for Travelers Companies and ARAMARK
0.14 | Correlation Coefficient |
Average diversification
The 3 months correlation between Travelers and ARAMARK is 0.14. Overlapping area represents the amount of risk that can be diversified away by holding The Travelers Companies and ARAMARK SVCS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ARAMARK SVCS INC and Travelers Companies 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 Travelers Companies are associated (or correlated) with ARAMARK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ARAMARK SVCS INC has no effect on the direction of Travelers Companies i.e., Travelers Companies and ARAMARK go up and down completely randomly.
Pair Corralation between Travelers Companies and ARAMARK
Considering the 90-day investment horizon The Travelers Companies is expected to under-perform the ARAMARK. In addition to that, Travelers Companies is 1.42 times more volatile than ARAMARK SVCS INC. It trades about -0.15 of its total potential returns per unit of risk. ARAMARK SVCS INC is currently generating about -0.03 per unit of volatility. If you would invest 9,982 in ARAMARK SVCS INC on September 12, 2024 and sell it today you would lose (36.00) from holding ARAMARK SVCS INC or give up 0.36% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 61.9% |
| Values | Daily Returns |
The Travelers Companies vs. ARAMARK SVCS INC
Performance |
| Timeline |
| The Travelers Companies |
| ARAMARK SVCS INC |
Travelers Companies and ARAMARK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Travelers Companies and ARAMARK
The main advantage of trading using opposite Travelers Companies and ARAMARK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Travelers Companies position performs unexpectedly, ARAMARK 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 ARAMARK will offset losses from the drop in ARAMARK's long position.| Travelers Companies vs. Aeye Inc | Travelers Companies vs. Ep Emerging Markets | Travelers Companies vs. LiCycle Holdings Corp | Travelers Companies vs. SEI Investments |
| ARAMARK vs. Artisan Partners Asset | ARAMARK vs. IPG Photonics | ARAMARK vs. Bank of New | ARAMARK vs. Valens |
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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
Other Complementary Tools
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Global Correlations Find global opportunities by holding instruments from different markets |