Correlation Between Westinghouse Air and Triumph Apparel
Can any of the company-specific risk be diversified away by investing in both Westinghouse Air and Triumph Apparel 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 Westinghouse Air and Triumph Apparel into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Westinghouse Air Brake and Triumph Apparel, you can compare the effects of market volatilities on Westinghouse Air and Triumph Apparel 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 Westinghouse Air with a short position of Triumph Apparel. Check out your portfolio center. Please also check ongoing floating volatility patterns of Westinghouse Air and Triumph Apparel.
Diversification Opportunities for Westinghouse Air and Triumph Apparel
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Westinghouse and Triumph is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Westinghouse Air Brake and Triumph Apparel in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Triumph Apparel and Westinghouse Air 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 Westinghouse Air Brake are associated (or correlated) with Triumph Apparel. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Triumph Apparel has no effect on the direction of Westinghouse Air i.e., Westinghouse Air and Triumph Apparel go up and down completely randomly.
Pair Corralation between Westinghouse Air and Triumph Apparel
If you would invest 18,860 in Westinghouse Air Brake on September 12, 2025 and sell it today you would earn a total of 2,931 from holding Westinghouse Air Brake or generate 15.54% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 98.44% |
| Values | Daily Returns |
Westinghouse Air Brake vs. Triumph Apparel
Performance |
| Timeline |
| Westinghouse Air Brake |
| Triumph Apparel |
Westinghouse Air and Triumph Apparel Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Westinghouse Air and Triumph Apparel
The main advantage of trading using opposite Westinghouse Air and Triumph Apparel positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Westinghouse Air position performs unexpectedly, Triumph Apparel 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 Triumph Apparel will offset losses from the drop in Triumph Apparel's long position.| Westinghouse Air vs. Verisk Analytics | Westinghouse Air vs. Otis Worldwide Corp | Westinghouse Air vs. United Airlines Holdings | Westinghouse Air vs. EMCOR Group |
| Triumph Apparel vs. Nexus Energy Services | Triumph Apparel vs. Big Tree Group | Triumph Apparel vs. Barloworld Ltd ADR | Triumph Apparel vs. Thrivent High Yield |
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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