Correlation Between AngioDynamics and Carlisle Companies
Can any of the company-specific risk be diversified away by investing in both AngioDynamics and Carlisle Companies 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 AngioDynamics and Carlisle Companies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AngioDynamics and Carlisle Companies Incorporated, you can compare the effects of market volatilities on AngioDynamics and Carlisle Companies 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 AngioDynamics with a short position of Carlisle Companies. Check out your portfolio center. Please also check ongoing floating volatility patterns of AngioDynamics and Carlisle Companies.
Diversification Opportunities for AngioDynamics and Carlisle Companies
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between AngioDynamics and Carlisle is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding AngioDynamics and Carlisle Companies Incorporate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Carlisle Companies and AngioDynamics 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 AngioDynamics are associated (or correlated) with Carlisle Companies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Carlisle Companies has no effect on the direction of AngioDynamics i.e., AngioDynamics and Carlisle Companies go up and down completely randomly.
Pair Corralation between AngioDynamics and Carlisle Companies
Given the investment horizon of 90 days AngioDynamics is expected to under-perform the Carlisle Companies. In addition to that, AngioDynamics is 1.2 times more volatile than Carlisle Companies Incorporated. It trades about -0.02 of its total potential returns per unit of risk. Carlisle Companies Incorporated is currently generating about 0.01 per unit of volatility. If you would invest 38,900 in Carlisle Companies Incorporated on May 21, 2025 and sell it today you would lose (483.00) from holding Carlisle Companies Incorporated or give up 1.24% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
AngioDynamics vs. Carlisle Companies Incorporate
Performance |
Timeline |
AngioDynamics |
Carlisle Companies |
AngioDynamics and Carlisle Companies Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with AngioDynamics and Carlisle Companies
The main advantage of trading using opposite AngioDynamics and Carlisle Companies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AngioDynamics position performs unexpectedly, Carlisle Companies 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 Carlisle Companies will offset losses from the drop in Carlisle Companies' long position.AngioDynamics vs. AtriCure | AngioDynamics vs. ICU Medical | AngioDynamics vs. Haemonetics | AngioDynamics vs. CONMED |
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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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