Correlation Between Westwater Resources and HONEYWELL
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By analyzing existing cross correlation between Westwater Resources and HONEYWELL INTERNATIONAL INC, you can compare the effects of market volatilities on Westwater Resources and HONEYWELL 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 Westwater Resources with a short position of HONEYWELL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Westwater Resources and HONEYWELL.
Diversification Opportunities for Westwater Resources and HONEYWELL
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between Westwater and HONEYWELL is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding Westwater Resources and HONEYWELL INTERNATIONAL INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HONEYWELL INTERNATIONAL and Westwater Resources 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 Westwater Resources are associated (or correlated) with HONEYWELL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HONEYWELL INTERNATIONAL has no effect on the direction of Westwater Resources i.e., Westwater Resources and HONEYWELL go up and down completely randomly.
Pair Corralation between Westwater Resources and HONEYWELL
Considering the 90-day investment horizon Westwater Resources is expected to generate 6.96 times more return on investment than HONEYWELL. However, Westwater Resources is 6.96 times more volatile than HONEYWELL INTERNATIONAL INC. It trades about 0.15 of its potential returns per unit of risk. HONEYWELL INTERNATIONAL INC is currently generating about 0.15 per unit of risk. If you would invest 80.00 in Westwater Resources on November 2, 2024 and sell it today you would earn a total of 16.00 from holding Westwater Resources or generate 20.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.48% |
| Values | Daily Returns |
Westwater Resources vs. HONEYWELL INTERNATIONAL INC
Performance |
| Timeline |
| Westwater Resources |
| HONEYWELL INTERNATIONAL |
Westwater Resources and HONEYWELL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Westwater Resources and HONEYWELL
The main advantage of trading using opposite Westwater Resources and HONEYWELL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Westwater Resources position performs unexpectedly, HONEYWELL 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 HONEYWELL will offset losses from the drop in HONEYWELL's long position.| Westwater Resources vs. Mason Graphite | Westwater Resources vs. Northern Graphite | Westwater Resources vs. Graphite One | Westwater Resources vs. Lomiko Metals |
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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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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