Correlation Between Haleon Plc and Congress Large
Can any of the company-specific risk be diversified away by investing in both Haleon Plc and Congress Large 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 Haleon Plc and Congress Large into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Haleon plc and Congress Large Cap, you can compare the effects of market volatilities on Haleon Plc and Congress Large 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 Haleon Plc with a short position of Congress Large. Check out your portfolio center. Please also check ongoing floating volatility patterns of Haleon Plc and Congress Large.
Diversification Opportunities for Haleon Plc and Congress Large
-0.88 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Haleon and CONGRESS is -0.88. Overlapping area represents the amount of risk that can be diversified away by holding Haleon plc and Congress Large Cap in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Congress Large Cap and Haleon Plc 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 Haleon plc are associated (or correlated) with Congress Large. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Congress Large Cap has no effect on the direction of Haleon Plc i.e., Haleon Plc and Congress Large go up and down completely randomly.
Pair Corralation between Haleon Plc and Congress Large
Considering the 90-day investment horizon Haleon plc is expected to under-perform the Congress Large. In addition to that, Haleon Plc is 1.61 times more volatile than Congress Large Cap. It trades about -0.16 of its total potential returns per unit of risk. Congress Large Cap is currently generating about 0.18 per unit of volatility. If you would invest 4,747 in Congress Large Cap on June 3, 2025 and sell it today you would earn a total of 381.00 from holding Congress Large Cap or generate 8.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Haleon plc vs. Congress Large Cap
Performance |
| Timeline |
| Haleon plc |
| Congress Large Cap |
Haleon Plc and Congress Large Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Haleon Plc and Congress Large
The main advantage of trading using opposite Haleon Plc and Congress Large positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Haleon Plc position performs unexpectedly, Congress Large 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 Large will offset losses from the drop in Congress Large's long position.| Haleon Plc vs. Viatris | Haleon Plc vs. Takeda Pharmaceutical Co | Haleon Plc vs. Elanco Animal Health | Haleon Plc vs. Zoetis Inc |
| Congress Large vs. Lord Abbett Diversified | Congress Large vs. Alphacentric Hedged Market | Congress Large vs. Johcm Emerging Markets | Congress Large vs. Ep Emerging Markets |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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