Correlation Between 655844CM8 and Luxfer Holdings
Specify exactly 2 symbols:
By analyzing existing cross correlation between NSC 3 15 MAR 32 and Luxfer Holdings PLC, you can compare the effects of market volatilities on 655844CM8 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 655844CM8 with a short position of Luxfer Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of 655844CM8 and Luxfer Holdings.
Diversification Opportunities for 655844CM8 and Luxfer Holdings
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 655844CM8 and Luxfer is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding NSC 3 15 MAR 32 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 655844CM8 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 NSC 3 15 MAR 32 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 655844CM8 i.e., 655844CM8 and Luxfer Holdings go up and down completely randomly.
Pair Corralation between 655844CM8 and Luxfer Holdings
Assuming the 90 days trading horizon 655844CM8 is expected to generate 263.0 times less return on investment than Luxfer Holdings. But when comparing it to its historical volatility, NSC 3 15 MAR 32 is 5.05 times less risky than Luxfer Holdings. It trades about 0.0 of its potential returns per unit of risk. Luxfer Holdings PLC is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest 1,502 in Luxfer Holdings PLC on August 31, 2024 and sell it today you would lose (66.00) from holding Luxfer Holdings PLC or give up 4.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 91.98% |
| Values | Daily Returns |
NSC 3 15 MAR 32 vs. Luxfer Holdings PLC
Performance |
| Timeline |
| 655844CM8 |
| Luxfer Holdings PLC |
655844CM8 and Luxfer Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 655844CM8 and Luxfer Holdings
The main advantage of trading using opposite 655844CM8 and Luxfer Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 655844CM8 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.| 655844CM8 vs. Merit Medical Systems | 655844CM8 vs. Toro Co | 655844CM8 vs. Bassett Furniture Industries | 655844CM8 vs. Postal Realty Trust |
| 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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |