Correlation Between Champlain Mid and Congress Mid
Can any of the company-specific risk be diversified away by investing in both Champlain Mid and Congress Mid 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 Champlain Mid and Congress Mid into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Champlain Mid Cap and Congress Mid Cap, you can compare the effects of market volatilities on Champlain Mid and Congress Mid 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 Champlain Mid with a short position of Congress Mid. Check out your portfolio center. Please also check ongoing floating volatility patterns of Champlain Mid and Congress Mid.
Diversification Opportunities for Champlain Mid and Congress Mid
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Champlain and Congress is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Champlain Mid Cap and Congress Mid Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Congress Mid Cap and Champlain Mid 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 Champlain Mid Cap are associated (or correlated) with Congress Mid. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Congress Mid Cap has no effect on the direction of Champlain Mid i.e., Champlain Mid and Congress Mid go up and down completely randomly.
Pair Corralation between Champlain Mid and Congress Mid
Assuming the 90 days horizon Champlain Mid is expected to generate 8.36 times less return on investment than Congress Mid. In addition to that, Champlain Mid is 1.13 times more volatile than Congress Mid Cap. It trades about 0.01 of its total potential returns per unit of risk. Congress Mid Cap is currently generating about 0.09 per unit of volatility. If you would invest 2,114 in Congress Mid Cap on June 6, 2025 and sell it today you would earn a total of 85.00 from holding Congress Mid Cap or generate 4.02% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 98.39% |
| Values | Daily Returns |
Champlain Mid Cap vs. Congress Mid Cap
Performance |
| Timeline |
| Champlain Mid Cap |
| Congress Mid Cap |
Champlain Mid and Congress Mid Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Champlain Mid and Congress Mid
The main advantage of trading using opposite Champlain Mid and Congress Mid positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Champlain Mid position performs unexpectedly, Congress Mid 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 Congress Mid will offset losses from the drop in Congress Mid's long position.| Champlain Mid vs. Champlain Small Pany | Champlain Mid vs. T Rowe Price | Champlain Mid vs. American Mutual Fund | Champlain Mid vs. Loomis Sayles Growth |
| Congress Mid vs. Congress Mid Cap | Congress Mid vs. Congress Large Cap | Congress Mid vs. Congress Large Cap | Congress Mid vs. Champlain Mid Cap |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |