Correlation Between Blackbaud and Clear Secure
Can any of the company-specific risk be diversified away by investing in both Blackbaud and Clear Secure 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 Blackbaud and Clear Secure into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Blackbaud and Clear Secure, you can compare the effects of market volatilities on Blackbaud and Clear Secure 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 Blackbaud with a short position of Clear Secure. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blackbaud and Clear Secure.
Diversification Opportunities for Blackbaud and Clear Secure
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Blackbaud and Clear is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Blackbaud and Clear Secure in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clear Secure and Blackbaud 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 Blackbaud are associated (or correlated) with Clear Secure. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clear Secure has no effect on the direction of Blackbaud i.e., Blackbaud and Clear Secure go up and down completely randomly.
Pair Corralation between Blackbaud and Clear Secure
Given the investment horizon of 90 days Blackbaud is expected to under-perform the Clear Secure. But the stock apears to be less risky and, when comparing its historical volatility, Blackbaud is 1.51 times less risky than Clear Secure. The stock trades about -0.13 of its potential returns per unit of risk. The Clear Secure is currently generating about 0.0 of returns per unit of risk over similar time horizon. If you would invest 3,643 in Clear Secure on August 27, 2025 and sell it today you would lose (70.00) from holding Clear Secure or give up 1.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Blackbaud vs. Clear Secure
Performance |
| Timeline |
| Blackbaud |
| Clear Secure |
Blackbaud and Clear Secure Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blackbaud and Clear Secure
The main advantage of trading using opposite Blackbaud and Clear Secure positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blackbaud position performs unexpectedly, Clear Secure 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 Clear Secure will offset losses from the drop in Clear Secure's long position.| Blackbaud vs. Lend Lease Group | Blackbaud vs. Global Net Lease | Blackbaud vs. Harmony Gold Mining | Blackbaud vs. Willis Lease Finance |
| Clear Secure vs. Yulong Eco Materials | Clear Secure vs. Axcelis Technologies | Clear Secure vs. Grounded People Apparel | Clear Secure vs. Evolution Technology Resources |
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 Fundamentals Comparison module to compare fundamentals across multiple equities to find investing opportunities.
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