Correlation Between Allegheny Technologies and Atlas Corp
Can any of the company-specific risk be diversified away by investing in both Allegheny Technologies and Atlas 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 Allegheny Technologies and Atlas Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Allegheny Technologies Incorporated and Atlas Corp, you can compare the effects of market volatilities on Allegheny Technologies and Atlas 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 Allegheny Technologies with a short position of Atlas Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Allegheny Technologies and Atlas Corp.
Diversification Opportunities for Allegheny Technologies and Atlas Corp
0.79 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Allegheny and Atlas is 0.79. Overlapping area represents the amount of risk that can be diversified away by holding Allegheny Technologies Incorpo and Atlas Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atlas Corp and Allegheny Technologies 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 Allegheny Technologies Incorporated are associated (or correlated) with Atlas Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atlas Corp has no effect on the direction of Allegheny Technologies i.e., Allegheny Technologies and Atlas Corp go up and down completely randomly.
Pair Corralation between Allegheny Technologies and Atlas Corp
If you would invest 7,488 in Allegheny Technologies Incorporated on September 9, 2025 and sell it today you would earn a total of 2,476 from holding Allegheny Technologies Incorporated or generate 33.07% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 1.54% |
| Values | Daily Returns |
Allegheny Technologies Incorpo vs. Atlas Corp
Performance |
| Timeline |
| Allegheny Technologies |
| Atlas Corp |
Risk-Adjusted Performance
Weakest
Weak | Strong |
Allegheny Technologies and Atlas Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Allegheny Technologies and Atlas Corp
The main advantage of trading using opposite Allegheny Technologies and Atlas Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Allegheny Technologies position performs unexpectedly, Atlas 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 Atlas Corp will offset losses from the drop in Atlas Corp's long position.| Allegheny Technologies vs. Carpenter Technology | Allegheny Technologies vs. Mueller Industries | Allegheny Technologies vs. Graco Inc | Allegheny Technologies vs. Lincoln Electric Holdings |
| Atlas Corp vs. Flagstar Financial, | Atlas Corp vs. Blue Owl Capital | Atlas Corp vs. Raymond James Financial | Atlas Corp vs. Atlantic Union Bankshares |
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.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Portfolio Optimization Compute new portfolio that will generate highest expected return given your specified tolerance for risk | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine |