Correlation Between Corning Incorporated and ICL Israel
Can any of the company-specific risk be diversified away by investing in both Corning Incorporated and ICL Israel 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 Corning Incorporated and ICL Israel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Corning Incorporated and ICL Israel Chemicals, you can compare the effects of market volatilities on Corning Incorporated and ICL Israel 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 Corning Incorporated with a short position of ICL Israel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corning Incorporated and ICL Israel.
Diversification Opportunities for Corning Incorporated and ICL Israel
0.15 | Correlation Coefficient |
Average diversification
The 3 months correlation between Corning and ICL is 0.15. Overlapping area represents the amount of risk that can be diversified away by holding Corning Incorporated and ICL Israel Chemicals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ICL Israel Chemicals and Corning Incorporated 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 Corning Incorporated are associated (or correlated) with ICL Israel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ICL Israel Chemicals has no effect on the direction of Corning Incorporated i.e., Corning Incorporated and ICL Israel go up and down completely randomly.
Pair Corralation between Corning Incorporated and ICL Israel
Considering the 90-day investment horizon Corning Incorporated is expected to generate 0.96 times more return on investment than ICL Israel. However, Corning Incorporated is 1.05 times less risky than ICL Israel. It trades about 0.12 of its potential returns per unit of risk. ICL Israel Chemicals is currently generating about 0.02 per unit of risk. If you would invest 4,674 in Corning Incorporated on September 7, 2025 and sell it today you would earn a total of 3,923 from holding Corning Incorporated or generate 83.93% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Corning Incorporated vs. ICL Israel Chemicals
Performance |
| Timeline |
| Corning Incorporated |
| ICL Israel Chemicals |
Corning Incorporated and ICL Israel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Corning Incorporated and ICL Israel
The main advantage of trading using opposite Corning Incorporated and ICL Israel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corning Incorporated position performs unexpectedly, ICL Israel 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 ICL Israel will offset losses from the drop in ICL Israel's long position.| Corning Incorporated vs. Cadence Bank | Corning Incorporated vs. Copperbank Resources Corp | Corning Incorporated vs. Solvay Bank Corp | Corning Incorporated vs. World Houseware Limited |
| ICL Israel vs. Shaanxi Meibang Pharmaceutical | ICL Israel vs. CF Industries Holdings | ICL Israel vs. Lier Chemical Co | ICL Israel vs. Sichuan Meifeng 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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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