Correlation Between CHRISTUS and Itron
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By analyzing existing cross correlation between CHRISTUS HEALTH 4341 and Itron Inc, you can compare the effects of market volatilities on CHRISTUS and Itron 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 CHRISTUS with a short position of Itron. Check out your portfolio center. Please also check ongoing floating volatility patterns of CHRISTUS and Itron.
Diversification Opportunities for CHRISTUS and Itron
Very weak diversification
The 3 months correlation between CHRISTUS and Itron is 0.55. Overlapping area represents the amount of risk that can be diversified away by holding CHRISTUS HEALTH 4341 and Itron Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Itron Inc and CHRISTUS 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 CHRISTUS HEALTH 4341 are associated (or correlated) with Itron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Itron Inc has no effect on the direction of CHRISTUS i.e., CHRISTUS and Itron go up and down completely randomly.
Pair Corralation between CHRISTUS and Itron
Assuming the 90 days trading horizon CHRISTUS HEALTH 4341 is expected to generate 0.55 times more return on investment than Itron. However, CHRISTUS HEALTH 4341 is 1.82 times less risky than Itron. It trades about -0.18 of its potential returns per unit of risk. Itron Inc is currently generating about -0.23 per unit of risk. If you would invest 9,794 in CHRISTUS HEALTH 4341 on November 22, 2024 and sell it today you would lose (261.00) from holding CHRISTUS HEALTH 4341 or give up 2.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 68.18% |
| Values | Daily Returns |
CHRISTUS HEALTH 4341 vs. Itron Inc
Performance |
| Timeline |
| CHRISTUS HEALTH 4341 |
| Itron Inc |
CHRISTUS and Itron Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CHRISTUS and Itron
The main advantage of trading using opposite CHRISTUS and Itron positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CHRISTUS position performs unexpectedly, Itron 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 Itron will offset losses from the drop in Itron's long position.| CHRISTUS vs. AEP TEX INC | CHRISTUS vs. AICNRA 575 15 JUN 33 | CHRISTUS vs. ITV PLC ADR | CHRISTUS vs. Westinghouse Air Brake |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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