Correlation Between Travelers Companies and UNILEVER
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By analyzing existing cross correlation between The Travelers Companies and UNILEVER CAP P, you can compare the effects of market volatilities on Travelers Companies and UNILEVER 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 UNILEVER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Travelers Companies and UNILEVER.
Diversification Opportunities for Travelers Companies and UNILEVER
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Travelers and UNILEVER is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding The Travelers Companies and UNILEVER CAP P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on UNILEVER CAP P 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 UNILEVER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of UNILEVER CAP P has no effect on the direction of Travelers Companies i.e., Travelers Companies and UNILEVER go up and down completely randomly.
Pair Corralation between Travelers Companies and UNILEVER
Considering the 90-day investment horizon The Travelers Companies is expected to generate 2.88 times more return on investment than UNILEVER. However, Travelers Companies is 2.88 times more volatile than UNILEVER CAP P. It trades about 0.13 of its potential returns per unit of risk. UNILEVER CAP P is currently generating about 0.0 per unit of risk. If you would invest 15,912 in The Travelers Companies on September 4, 2024 and sell it today you would earn a total of 10,439 from holding The Travelers Companies or generate 65.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 65.86% |
| Values | Daily Returns |
The Travelers Companies vs. UNILEVER CAP P
Performance |
| Timeline |
| The Travelers Companies |
| UNILEVER CAP P |
Travelers Companies and UNILEVER Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Travelers Companies and UNILEVER
The main advantage of trading using opposite Travelers Companies and UNILEVER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Travelers Companies position performs unexpectedly, UNILEVER 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 UNILEVER will offset losses from the drop in UNILEVER's long position.| Travelers Companies vs. Progressive Corp | Travelers Companies vs. Cincinnati Financial | Travelers Companies vs. W R Berkley | Travelers Companies vs. The Allstate |
| UNILEVER vs. The Travelers Companies | UNILEVER vs. GE Aerospace | UNILEVER vs. Walmart | UNILEVER vs. Pfizer Inc |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
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