Correlation Between Evertz Technologies and Cigna Corp
Can any of the company-specific risk be diversified away by investing in both Evertz Technologies and Cigna 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 Evertz Technologies and Cigna Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Evertz Technologies Limited and Cigna Corp, you can compare the effects of market volatilities on Evertz Technologies and Cigna 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 Evertz Technologies with a short position of Cigna Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Evertz Technologies and Cigna Corp.
Diversification Opportunities for Evertz Technologies and Cigna Corp
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Evertz and Cigna is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Evertz Technologies Limited and Cigna Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cigna Corp and Evertz Technologies 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 Evertz Technologies Limited are associated (or correlated) with Cigna Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cigna Corp has no effect on the direction of Evertz Technologies i.e., Evertz Technologies and Cigna Corp go up and down completely randomly.
Pair Corralation between Evertz Technologies and Cigna Corp
Assuming the 90 days horizon Evertz Technologies Limited is expected to generate 1.43 times more return on investment than Cigna Corp. However, Evertz Technologies is 1.43 times more volatile than Cigna Corp. It trades about 0.02 of its potential returns per unit of risk. Cigna Corp is currently generating about 0.02 per unit of risk. If you would invest 829.00 in Evertz Technologies Limited on June 8, 2025 and sell it today you would earn a total of 53.00 from holding Evertz Technologies Limited or generate 6.39% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 51.42% |
| Values | Daily Returns |
Evertz Technologies Limited vs. Cigna Corp
Performance |
| Timeline |
| Evertz Technologies |
| Cigna Corp |
Evertz Technologies and Cigna Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Evertz Technologies and Cigna Corp
The main advantage of trading using opposite Evertz Technologies and Cigna Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Evertz Technologies position performs unexpectedly, Cigna 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 Cigna Corp will offset losses from the drop in Cigna Corp's long position.| Evertz Technologies vs. Enghouse Systems Limited | Evertz Technologies vs. Transcontinental | Evertz Technologies vs. Doman Building Materials | Evertz Technologies vs. Aecon Group |
| Cigna Corp vs. Elevance Health | Cigna Corp vs. UnitedHealth Group Incorporated | Cigna Corp vs. Centene Corp | Cigna Corp vs. Molina Healthcare |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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