Correlation Between CONSOLIDATED and Haleon Plc
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By analyzing existing cross correlation between CONSOLIDATED EDISON N and Haleon plc, you can compare the effects of market volatilities on CONSOLIDATED and Haleon Plc 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 CONSOLIDATED with a short position of Haleon Plc. Check out your portfolio center. Please also check ongoing floating volatility patterns of CONSOLIDATED and Haleon Plc.
Diversification Opportunities for CONSOLIDATED and Haleon Plc
0.22 | Correlation Coefficient |
Modest diversification
The 3 months correlation between CONSOLIDATED and Haleon is 0.22. Overlapping area represents the amount of risk that can be diversified away by holding CONSOLIDATED EDISON N and Haleon plc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Haleon plc and CONSOLIDATED 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 CONSOLIDATED EDISON N are associated (or correlated) with Haleon Plc. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Haleon plc has no effect on the direction of CONSOLIDATED i.e., CONSOLIDATED and Haleon Plc go up and down completely randomly.
Pair Corralation between CONSOLIDATED and Haleon Plc
Assuming the 90 days trading horizon CONSOLIDATED EDISON N is expected to generate 0.73 times more return on investment than Haleon Plc. However, CONSOLIDATED EDISON N is 1.36 times less risky than Haleon Plc. It trades about 0.01 of its potential returns per unit of risk. Haleon plc is currently generating about 0.0 per unit of risk. If you would invest 8,819 in CONSOLIDATED EDISON N on September 13, 2025 and sell it today you would earn a total of 9.00 from holding CONSOLIDATED EDISON N or generate 0.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 47.62% |
| Values | Daily Returns |
CONSOLIDATED EDISON N vs. Haleon plc
Performance |
| Timeline |
| CONSOLIDATED EDISON |
| Haleon plc |
CONSOLIDATED and Haleon Plc Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CONSOLIDATED and Haleon Plc
The main advantage of trading using opposite CONSOLIDATED and Haleon Plc positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CONSOLIDATED position performs unexpectedly, Haleon Plc 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 Haleon Plc will offset losses from the drop in Haleon Plc's long position.| CONSOLIDATED vs. Airborne Wireless Network | CONSOLIDATED vs. Net Lease Office | CONSOLIDATED vs. 24SevenOffice Group AB | CONSOLIDATED vs. Seven West Media |
| Haleon Plc vs. Takeda Pharmaceutical Co | Haleon Plc vs. Agilent Technologies | Haleon Plc vs. Cardinal Health | Haleon Plc vs. ResMed Inc |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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