Correlation Between Cigna Corp and Figs
Can any of the company-specific risk be diversified away by investing in both Cigna Corp and Figs 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 Cigna Corp and Figs into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cigna Corp and Figs Inc, you can compare the effects of market volatilities on Cigna Corp and Figs 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 Cigna Corp with a short position of Figs. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cigna Corp and Figs.
Diversification Opportunities for Cigna Corp and Figs
-0.24 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cigna and Figs is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding Cigna Corp and Figs Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Figs Inc and Cigna 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 Cigna Corp are associated (or correlated) with Figs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Figs Inc has no effect on the direction of Cigna Corp i.e., Cigna Corp and Figs go up and down completely randomly.
Pair Corralation between Cigna Corp and Figs
Allowing for the 90-day total investment horizon Cigna Corp is expected to under-perform the Figs. But the stock apears to be less risky and, when comparing its historical volatility, Cigna Corp is 1.74 times less risky than Figs. The stock trades about -0.04 of its potential returns per unit of risk. The Figs Inc is currently generating about 0.22 of returns per unit of risk over similar time horizon. If you would invest 451.00 in Figs Inc on April 4, 2025 and sell it today you would earn a total of 134.00 from holding Figs Inc or generate 29.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cigna Corp vs. Figs Inc
Performance |
| Timeline |
| Cigna Corp |
| Figs Inc |
Cigna Corp and Figs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cigna Corp and Figs
The main advantage of trading using opposite Cigna Corp and Figs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cigna Corp position performs unexpectedly, Figs 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 Figs will offset losses from the drop in Figs' long position.| Cigna Corp vs. Evertz Technologies Limited | Cigna Corp vs. BioNTech SE | Cigna Corp vs. Arrow Electronics | Cigna Corp vs. Centessa Pharmaceuticals PLC |
| Figs vs. Mill City Ventures | Figs vs. Tantech Holdings | Figs vs. SEI Investments | Figs vs. Freedom Bank of |
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 Premium Stories module to follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope.
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