Correlation Between CardieX and US Bancorp
Can any of the company-specific risk be diversified away by investing in both CardieX and US Bancorp at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining CardieX and US Bancorp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CardieX Limited and US Bancorp PERP, you can compare the effects of market volatilities on CardieX and US Bancorp 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 CardieX with a short position of US Bancorp. Check out your portfolio center. Please also check ongoing floating volatility patterns of CardieX and US Bancorp.
Diversification Opportunities for CardieX and US Bancorp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CardieX and USB-PA is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CardieX Limited and US Bancorp PERP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US Bancorp PERP and CardieX 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 CardieX Limited are associated (or correlated) with US Bancorp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US Bancorp PERP has no effect on the direction of CardieX i.e., CardieX and US Bancorp go up and down completely randomly.
Pair Corralation between CardieX and US Bancorp
If you would invest 66,361 in US Bancorp PERP on January 26, 2024 and sell it today you would earn a total of 21,639 from holding US Bancorp PERP or generate 32.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
CardieX Limited vs. US Bancorp PERP
Performance |
| Timeline |
| CardieX Limited |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| US Bancorp PERP |
CardieX and US Bancorp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CardieX and US Bancorp
The main advantage of trading using opposite CardieX and US Bancorp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CardieX position performs unexpectedly, US Bancorp 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 US Bancorp will offset losses from the drop in US Bancorp's long position.| CardieX vs. ScanSource | CardieX vs. Grocery Outlet Holding | CardieX vs. Playtika Holding Corp | CardieX vs. Sea |
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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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
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