Correlation Between 124857AF0 and Travelers Companies
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By analyzing existing cross correlation between CBS P NEW and The Travelers Companies, you can compare the effects of market volatilities on 124857AF0 and Travelers Companies 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 124857AF0 with a short position of Travelers Companies. Check out your portfolio center. Please also check ongoing floating volatility patterns of 124857AF0 and Travelers Companies.
Diversification Opportunities for 124857AF0 and Travelers Companies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 124857AF0 and Travelers is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CBS P NEW and The Travelers Companies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on The Travelers Companies and 124857AF0 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 CBS P NEW are associated (or correlated) with Travelers Companies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of The Travelers Companies has no effect on the direction of 124857AF0 i.e., 124857AF0 and Travelers Companies go up and down completely randomly.
Pair Corralation between 124857AF0 and Travelers Companies
If you would invest 17,036 in The Travelers Companies on September 4, 2024 and sell it today you would earn a total of 9,315 from holding The Travelers Companies or generate 54.68% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
CBS P NEW vs. The Travelers Companies
Performance |
| Timeline |
| CBS P NEW |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| The Travelers Companies |
124857AF0 and Travelers Companies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 124857AF0 and Travelers Companies
The main advantage of trading using opposite 124857AF0 and Travelers Companies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 124857AF0 position performs unexpectedly, Travelers Companies 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 Travelers Companies will offset losses from the drop in Travelers Companies' long position.| 124857AF0 vs. PennantPark Investment | 124857AF0 vs. Paysafe | 124857AF0 vs. Analog Devices | 124857AF0 vs. United Homes Group |
| Travelers Companies vs. Progressive Corp | Travelers Companies vs. Cincinnati Financial | Travelers Companies vs. W R Berkley | Travelers Companies vs. The Allstate |
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 Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.
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