Correlation Between Cameco Corp and Progressive Corp
Can any of the company-specific risk be diversified away by investing in both Cameco Corp and Progressive 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 Cameco Corp and Progressive Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cameco Corp and Progressive Corp, you can compare the effects of market volatilities on Cameco Corp and Progressive 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 Cameco Corp with a short position of Progressive Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cameco Corp and Progressive Corp.
Diversification Opportunities for Cameco Corp and Progressive Corp
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cameco and Progressive is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Cameco Corp and Progressive Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Progressive Corp and Cameco Corp 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 Cameco Corp are associated (or correlated) with Progressive Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Progressive Corp has no effect on the direction of Cameco Corp i.e., Cameco Corp and Progressive Corp go up and down completely randomly.
Pair Corralation between Cameco Corp and Progressive Corp
Considering the 90-day investment horizon Cameco Corp is expected to generate 3.01 times more return on investment than Progressive Corp. However, Cameco Corp is 3.01 times more volatile than Progressive Corp. It trades about 0.08 of its potential returns per unit of risk. Progressive Corp is currently generating about -0.07 per unit of risk. If you would invest 7,542 in Cameco Corp on August 31, 2025 and sell it today you would earn a total of 1,309 from holding Cameco Corp or generate 17.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cameco Corp vs. Progressive Corp
Performance |
| Timeline |
| Cameco Corp |
| Progressive Corp |
Cameco Corp and Progressive Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cameco Corp and Progressive Corp
The main advantage of trading using opposite Cameco Corp and Progressive Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cameco Corp position performs unexpectedly, Progressive 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 Progressive Corp will offset losses from the drop in Progressive Corp's long position.| Cameco Corp vs. Seven West Media | Cameco Corp vs. Alarum Technologies | Cameco Corp vs. Sportsmans | Cameco Corp vs. Centaur Media Plc |
| Progressive Corp vs. Silicon Motion Technology | Progressive Corp vs. Quality Online Education | Progressive Corp vs. Mitsubishi Chemical Holdings | Progressive Corp vs. Nissan Chemical |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
Other Complementary Tools
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins |