Correlation Between Cleveland Cliffs and Abingdon Health
Can any of the company-specific risk be diversified away by investing in both Cleveland Cliffs and Abingdon Health 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 Cleveland Cliffs and Abingdon Health into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cleveland Cliffs and Abingdon Health Plc, you can compare the effects of market volatilities on Cleveland Cliffs and Abingdon Health 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 Cleveland Cliffs with a short position of Abingdon Health. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cleveland Cliffs and Abingdon Health.
Diversification Opportunities for Cleveland Cliffs and Abingdon Health
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cleveland and Abingdon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cleveland Cliffs and Abingdon Health Plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Abingdon Health Plc and Cleveland Cliffs 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 Cleveland Cliffs are associated (or correlated) with Abingdon Health. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Abingdon Health Plc has no effect on the direction of Cleveland Cliffs i.e., Cleveland Cliffs and Abingdon Health go up and down completely randomly.
Pair Corralation between Cleveland Cliffs and Abingdon Health
If you would invest 1,052 in Cleveland Cliffs on September 4, 2025 and sell it today you would earn a total of 238.00 from holding Cleveland Cliffs or generate 22.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cleveland Cliffs vs. Abingdon Health Plc
Performance |
| Timeline |
| Cleveland Cliffs |
| Abingdon Health Plc |
Cleveland Cliffs and Abingdon Health Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cleveland Cliffs and Abingdon Health
The main advantage of trading using opposite Cleveland Cliffs and Abingdon Health positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cleveland Cliffs position performs unexpectedly, Abingdon Health 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 Abingdon Health will offset losses from the drop in Abingdon Health's long position.| Cleveland Cliffs vs. Summit Hotel Properties | Cleveland Cliffs vs. American Hotel Income | Cleveland Cliffs vs. Piedmont Office Realty | Cleveland Cliffs vs. iShares Physical Metals |
| Abingdon Health vs. Origin Investment Corp | Abingdon Health vs. Willis Lease Finance | Abingdon Health vs. Shenzhen Investment Holdings | Abingdon Health vs. Gladstone Investment |
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 Economic Indicators module to top statistical indicators that provide insights into how an economy is performing.
Other Complementary Tools
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Fundamental Analysis View fundamental data based on most recent published financial statements |