Correlation Between THERMO and Lindblad Expeditions
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By analyzing existing cross correlation between THERMO FISHER SCIENTIFIC and Lindblad Expeditions Holdings, you can compare the effects of market volatilities on THERMO and Lindblad Expeditions 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 THERMO with a short position of Lindblad Expeditions. Check out your portfolio center. Please also check ongoing floating volatility patterns of THERMO and Lindblad Expeditions.
Diversification Opportunities for THERMO and Lindblad Expeditions
-0.39 | Correlation Coefficient |
Very good diversification
The 3 months correlation between THERMO and Lindblad is -0.39. Overlapping area represents the amount of risk that can be diversified away by holding THERMO FISHER SCIENTIFIC and Lindblad Expeditions Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lindblad Expeditions and THERMO 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 THERMO FISHER SCIENTIFIC are associated (or correlated) with Lindblad Expeditions. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lindblad Expeditions has no effect on the direction of THERMO i.e., THERMO and Lindblad Expeditions go up and down completely randomly.
Pair Corralation between THERMO and Lindblad Expeditions
Assuming the 90 days trading horizon THERMO FISHER SCIENTIFIC is expected to generate 0.88 times more return on investment than Lindblad Expeditions. However, THERMO FISHER SCIENTIFIC is 1.13 times less risky than Lindblad Expeditions. It trades about 0.27 of its potential returns per unit of risk. Lindblad Expeditions Holdings is currently generating about 0.01 per unit of risk. If you would invest 9,599 in THERMO FISHER SCIENTIFIC on October 23, 2024 and sell it today you would earn a total of 804.00 from holding THERMO FISHER SCIENTIFIC or generate 8.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 72.22% |
| Values | Daily Returns |
THERMO FISHER SCIENTIFIC vs. Lindblad Expeditions Holdings
Performance |
| Timeline |
| THERMO FISHER SCIENTIFIC |
| Lindblad Expeditions |
THERMO and Lindblad Expeditions Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with THERMO and Lindblad Expeditions
The main advantage of trading using opposite THERMO and Lindblad Expeditions positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if THERMO position performs unexpectedly, Lindblad Expeditions 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 Lindblad Expeditions will offset losses from the drop in Lindblad Expeditions' long position.| THERMO vs. Lindblad Expeditions Holdings | THERMO vs. Delek Logistics Partners | THERMO vs. United Microelectronics | THERMO vs. IPG Photonics |
| Lindblad Expeditions vs. Yatra Online | Lindblad Expeditions vs. Despegar Corp | Lindblad Expeditions vs. MakeMyTrip Limited | Lindblad Expeditions vs. Tuniu Corp |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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