Correlation Between Travelers Companies and CORNING
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By analyzing existing cross correlation between The Travelers Companies and CORNING INC 585, you can compare the effects of market volatilities on Travelers Companies 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 Travelers Companies with a short position of CORNING. Check out your portfolio center. Please also check ongoing floating volatility patterns of Travelers Companies and CORNING.
Diversification Opportunities for Travelers Companies and CORNING
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Travelers and CORNING is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding The Travelers Companies 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 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 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 Travelers Companies i.e., Travelers Companies and CORNING go up and down completely randomly.
Pair Corralation between Travelers Companies and CORNING
Considering the 90-day investment horizon Travelers Companies is expected to generate 26.53 times less return on investment than CORNING. But when comparing it to its historical volatility, The Travelers Companies is 43.49 times less risky than CORNING. It trades about 0.09 of its potential returns per unit of risk. CORNING INC 585 is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 9,712 in CORNING INC 585 on September 12, 2024 and sell it today you would earn a total of 189.00 from holding CORNING INC 585 or generate 1.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 81.53% |
| Values | Daily Returns |
The Travelers Companies vs. CORNING INC 585
Performance |
| Timeline |
| The Travelers Companies |
| CORNING INC 585 |
Travelers Companies and CORNING Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Travelers Companies and CORNING
The main advantage of trading using opposite Travelers Companies and CORNING positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Travelers Companies 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.| Travelers Companies vs. Aeye Inc | Travelers Companies vs. Ep Emerging Markets | Travelers Companies vs. LiCycle Holdings Corp | Travelers Companies vs. SEI Investments |
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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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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