Correlation Between AECOM and Luxfer Holdings
Specify exactly 2 symbols:
By analyzing existing cross correlation between AECOM 5125 percent and Luxfer Holdings PLC, you can compare the effects of market volatilities on AECOM and Luxfer Holdings 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 AECOM with a short position of Luxfer Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of AECOM and Luxfer Holdings.
Diversification Opportunities for AECOM and Luxfer Holdings
-0.38 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AECOM and Luxfer is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding AECOM 5125 percent and Luxfer Holdings PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Luxfer Holdings PLC and AECOM 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 AECOM 5125 percent are associated (or correlated) with Luxfer Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Luxfer Holdings PLC has no effect on the direction of AECOM i.e., AECOM and Luxfer Holdings go up and down completely randomly.
Pair Corralation between AECOM and Luxfer Holdings
Assuming the 90 days trading horizon AECOM is expected to generate 56.06 times less return on investment than Luxfer Holdings. But when comparing it to its historical volatility, AECOM 5125 percent is 5.91 times less risky than Luxfer Holdings. It trades about 0.01 of its potential returns per unit of risk. Luxfer Holdings PLC is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 827.00 in Luxfer Holdings PLC on September 2, 2024 and sell it today you would earn a total of 609.00 from holding Luxfer Holdings PLC or generate 73.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.19% |
| Values | Daily Returns |
AECOM 5125 percent vs. Luxfer Holdings PLC
Performance |
| Timeline |
| AECOM 5125 percent |
| Luxfer Holdings PLC |
AECOM and Luxfer Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AECOM and Luxfer Holdings
The main advantage of trading using opposite AECOM and Luxfer Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AECOM position performs unexpectedly, Luxfer Holdings 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 Luxfer Holdings will offset losses from the drop in Luxfer Holdings' long position.| AECOM vs. Luxfer Holdings PLC | AECOM vs. Origin Materials | AECOM vs. Newpark Resources | AECOM vs. Topbuild Corp |
| Luxfer Holdings vs. Graham | Luxfer Holdings vs. Enerpac Tool Group | Luxfer Holdings vs. Kadant Inc | Luxfer Holdings vs. Omega Flex |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
Other Complementary Tools
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges |