Correlation Between 00774MAW5 and Sealed Air
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By analyzing existing cross correlation between AER 3 29 OCT 28 and Sealed Air, you can compare the effects of market volatilities on 00774MAW5 and Sealed Air 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 00774MAW5 with a short position of Sealed Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of 00774MAW5 and Sealed Air.
Diversification Opportunities for 00774MAW5 and Sealed Air
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 00774MAW5 and Sealed is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding AER 3 29 OCT 28 and Sealed Air in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sealed Air and 00774MAW5 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 AER 3 29 OCT 28 are associated (or correlated) with Sealed Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sealed Air has no effect on the direction of 00774MAW5 i.e., 00774MAW5 and Sealed Air go up and down completely randomly.
Pair Corralation between 00774MAW5 and Sealed Air
Assuming the 90 days trading horizon AER 3 29 OCT 28 is expected to under-perform the Sealed Air. But the bond apears to be less risky and, when comparing its historical volatility, AER 3 29 OCT 28 is 1.1 times less risky than Sealed Air. The bond trades about -0.21 of its potential returns per unit of risk. The Sealed Air is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 3,658 in Sealed Air on August 31, 2024 and sell it today you would lose (34.00) from holding Sealed Air or give up 0.93% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
AER 3 29 OCT 28 vs. Sealed Air
Performance |
| Timeline |
| 00774MAW5 |
| Sealed Air |
00774MAW5 and Sealed Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 00774MAW5 and Sealed Air
The main advantage of trading using opposite 00774MAW5 and Sealed Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 00774MAW5 position performs unexpectedly, Sealed Air 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 Sealed Air will offset losses from the drop in Sealed Air's long position.| 00774MAW5 vs. Sealed Air | 00774MAW5 vs. MGIC Investment Corp | 00774MAW5 vs. Ecolab Inc | 00774MAW5 vs. Chemours Co |
| Sealed Air vs. Avery Dennison Corp | Sealed Air vs. International Paper | Sealed Air vs. Sonoco Products | Sealed Air vs. Packaging Corp of |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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