Correlation Between INGERSOLL and Weyco
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By analyzing existing cross correlation between INGERSOLL RAND LUXEMBOURG FINANCE and Weyco Group, you can compare the effects of market volatilities on INGERSOLL and Weyco 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 INGERSOLL with a short position of Weyco. Check out your portfolio center. Please also check ongoing floating volatility patterns of INGERSOLL and Weyco.
Diversification Opportunities for INGERSOLL and Weyco
Very good diversification
The 3 months correlation between INGERSOLL and Weyco is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding INGERSOLL RAND LUXEMBOURG FINA and Weyco Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Weyco Group and INGERSOLL 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 INGERSOLL RAND LUXEMBOURG FINANCE are associated (or correlated) with Weyco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Weyco Group has no effect on the direction of INGERSOLL i.e., INGERSOLL and Weyco go up and down completely randomly.
Pair Corralation between INGERSOLL and Weyco
Assuming the 90 days trading horizon INGERSOLL RAND LUXEMBOURG FINANCE is expected to under-perform the Weyco. But the bond apears to be less risky and, when comparing its historical volatility, INGERSOLL RAND LUXEMBOURG FINANCE is 10.01 times less risky than Weyco. The bond trades about -0.19 of its potential returns per unit of risk. The Weyco Group is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 3,381 in Weyco Group on September 30, 2024 and sell it today you would earn a total of 341.00 from holding Weyco Group or generate 10.09% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 98.44% |
Values | Daily Returns |
INGERSOLL RAND LUXEMBOURG FINA vs. Weyco Group
Performance |
Timeline |
INGERSOLL RAND LUXEM |
Weyco Group |
INGERSOLL and Weyco Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with INGERSOLL and Weyco
The main advantage of trading using opposite INGERSOLL and Weyco positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INGERSOLL position performs unexpectedly, Weyco 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 Weyco will offset losses from the drop in Weyco's long position.INGERSOLL vs. AEP TEX INC | ||
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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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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