Correlation Between 71647NBE8 and Westinghouse Air
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By analyzing existing cross correlation between US71647NBE85 and Westinghouse Air Brake, you can compare the effects of market volatilities on 71647NBE8 and Westinghouse 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 71647NBE8 with a short position of Westinghouse Air. Check out your portfolio center. Please also check ongoing floating volatility patterns of 71647NBE8 and Westinghouse Air.
Diversification Opportunities for 71647NBE8 and Westinghouse Air
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 71647NBE8 and Westinghouse is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding US71647NBE85 and Westinghouse Air Brake in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Westinghouse Air Brake and 71647NBE8 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 US71647NBE85 are associated (or correlated) with Westinghouse Air. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Westinghouse Air Brake has no effect on the direction of 71647NBE8 i.e., 71647NBE8 and Westinghouse Air go up and down completely randomly.
Pair Corralation between 71647NBE8 and Westinghouse Air
If you would invest 20,097 in Westinghouse Air Brake on September 12, 2024 and sell it today you would earn a total of 190.00 from holding Westinghouse Air Brake or generate 0.95% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
US71647NBE85 vs. Westinghouse Air Brake
Performance |
| Timeline |
| US71647NBE85 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Westinghouse Air Brake |
71647NBE8 and Westinghouse Air Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 71647NBE8 and Westinghouse Air
The main advantage of trading using opposite 71647NBE8 and Westinghouse Air positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 71647NBE8 position performs unexpectedly, Westinghouse 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 Westinghouse Air will offset losses from the drop in Westinghouse Air's long position.| 71647NBE8 vs. Getty Realty | 71647NBE8 vs. Fast Retailing Co | 71647NBE8 vs. Fernhill Beverage | 71647NBE8 vs. Thai Beverage PCL |
| Westinghouse Air vs. LB Foster | Westinghouse Air vs. Freightcar America | Westinghouse Air vs. CSX Corporation | Westinghouse Air vs. Trinity Industries |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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