Correlation Between 502413BE6 and Saia
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By analyzing existing cross correlation between L3 TECHNOLOGIES INC and Saia Inc, you can compare the effects of market volatilities on 502413BE6 and Saia 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 502413BE6 with a short position of Saia. Check out your portfolio center. Please also check ongoing floating volatility patterns of 502413BE6 and Saia.
Diversification Opportunities for 502413BE6 and Saia
Very weak diversification
The 3 months correlation between 502413BE6 and Saia is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding L3 TECHNOLOGIES INC and Saia Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saia Inc and 502413BE6 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 L3 TECHNOLOGIES INC are associated (or correlated) with Saia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saia Inc has no effect on the direction of 502413BE6 i.e., 502413BE6 and Saia go up and down completely randomly.
Pair Corralation between 502413BE6 and Saia
Assuming the 90 days trading horizon 502413BE6 is expected to generate 1.54 times less return on investment than Saia. But when comparing it to its historical volatility, L3 TECHNOLOGIES INC is 1.7 times less risky than Saia. It trades about 0.06 of its potential returns per unit of risk. Saia Inc is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 39,745 in Saia Inc on September 4, 2024 and sell it today you would earn a total of 15,052 from holding Saia Inc or generate 37.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 23.08% |
| Values | Daily Returns |
L3 TECHNOLOGIES INC vs. Saia Inc
Performance |
| Timeline |
| L3 TECHNOLOGIES INC |
| Saia Inc |
502413BE6 and Saia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 502413BE6 and Saia
The main advantage of trading using opposite 502413BE6 and Saia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 502413BE6 position performs unexpectedly, Saia 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 Saia will offset losses from the drop in Saia's long position.| 502413BE6 vs. KVH Industries | 502413BE6 vs. U Haul Holding | 502413BE6 vs. FTAI Aviation Ltd | 502413BE6 vs. Triton International Limited |
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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.
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