Correlation Between Triple S and Cigna Corp
Can any of the company-specific risk be diversified away by investing in both Triple S and Cigna Corp 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 Triple S and Cigna Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Triple S Management and Cigna Corp, you can compare the effects of market volatilities on Triple S and Cigna Corp 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 Triple S with a short position of Cigna Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Triple S and Cigna Corp.
Diversification Opportunities for Triple S and Cigna Corp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Triple and Cigna is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Triple S Management and Cigna Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cigna Corp and Triple S 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 Triple S Management are associated (or correlated) with Cigna Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cigna Corp has no effect on the direction of Triple S i.e., Triple S and Cigna Corp go up and down completely randomly.
Pair Corralation between Triple S and Cigna Corp
If you would invest 26,007 in Cigna Corp on January 17, 2024 and sell it today you would earn a total of 8,883 from holding Cigna Corp or generate 34.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.22% |
| Values | Daily Returns |
Triple S Management vs. Cigna Corp
Performance |
| Timeline |
| Triple S Management |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Cigna Corp |
Triple S and Cigna Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Triple S and Cigna Corp
The main advantage of trading using opposite Triple S and Cigna Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Triple S position performs unexpectedly, Cigna Corp 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 Cigna Corp will offset losses from the drop in Cigna Corp's long position.| Triple S vs. Eldorado Gold Corp | Triple S vs. Hurco Companies | Triple S vs. Molecular Partners AG | Triple S vs. Regeneron Pharmaceuticals |
| Cigna Corp vs. Elevance Health | Cigna Corp vs. UnitedHealth Group Incorporated | Cigna Corp vs. Centene Corp | Cigna Corp vs. Molina Healthcare |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
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