Correlation Between 001192AH6 and CECO Environmental
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By analyzing existing cross correlation between AGL CAP P and CECO Environmental Corp, you can compare the effects of market volatilities on 001192AH6 and CECO Environmental 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 001192AH6 with a short position of CECO Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of 001192AH6 and CECO Environmental.
Diversification Opportunities for 001192AH6 and CECO Environmental
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 001192AH6 and CECO is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding AGL CAP P and CECO Environmental Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CECO Environmental Corp and 001192AH6 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 AGL CAP P are associated (or correlated) with CECO Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CECO Environmental Corp has no effect on the direction of 001192AH6 i.e., 001192AH6 and CECO Environmental go up and down completely randomly.
Pair Corralation between 001192AH6 and CECO Environmental
Assuming the 90 days trading horizon AGL CAP P is expected to under-perform the CECO Environmental. But the bond apears to be less risky and, when comparing its historical volatility, AGL CAP P is 1.74 times less risky than CECO Environmental. The bond trades about 0.0 of its potential returns per unit of risk. The CECO Environmental Corp is currently generating about 0.48 of returns per unit of risk over similar time horizon. If you would invest 2,380 in CECO Environmental Corp on September 1, 2024 and sell it today you would earn a total of 825.00 from holding CECO Environmental Corp or generate 34.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
AGL CAP P vs. CECO Environmental Corp
Performance |
| Timeline |
| AGL CAP P |
| CECO Environmental Corp |
001192AH6 and CECO Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 001192AH6 and CECO Environmental
The main advantage of trading using opposite 001192AH6 and CECO Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 001192AH6 position performs unexpectedly, CECO Environmental 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 CECO Environmental will offset losses from the drop in CECO Environmental's long position.| 001192AH6 vs. PennantPark Floating Rate | 001192AH6 vs. Citizens Bancorp Investment | 001192AH6 vs. Uber Technologies | 001192AH6 vs. Summit Hotel Properties |
| CECO Environmental vs. Federal Signal | CECO Environmental vs. Zurn Elkay Water | CECO Environmental vs. Fuel Tech | CECO Environmental vs. Energy Recovery |
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 Holdings module to check your current holdings and cash postion to detemine if your portfolio needs rebalancing.
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