Correlation Between AptarGroup and Ball
Can any of the company-specific risk be diversified away by investing in both AptarGroup and Ball 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 AptarGroup and Ball into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AptarGroup and Ball Corporation, you can compare the effects of market volatilities on AptarGroup and Ball 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 AptarGroup with a short position of Ball. Check out your portfolio center. Please also check ongoing floating volatility patterns of AptarGroup and Ball.
Diversification Opportunities for AptarGroup and Ball
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between AptarGroup and Ball is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding AptarGroup and Ball Corp. in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ball and AptarGroup 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 AptarGroup are associated (or correlated) with Ball. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ball has no effect on the direction of AptarGroup i.e., AptarGroup and Ball go up and down completely randomly.
Pair Corralation between AptarGroup and Ball
If you would invest (100.00) in Ball Corporation on January 19, 2024 and sell it today you would earn a total of 100.00 from holding Ball Corporation or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
AptarGroup vs. Ball Corp.
Performance |
Timeline |
AptarGroup |
Ball |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
AptarGroup and Ball Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with AptarGroup and Ball
The main advantage of trading using opposite AptarGroup and Ball positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AptarGroup position performs unexpectedly, Ball 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 Ball will offset losses from the drop in Ball's long position.AptarGroup vs. Haemonetics | AptarGroup vs. Merit Medical Systems | AptarGroup vs. AngioDynamics | AptarGroup vs. Envista Holdings Corp |
Ball vs. Diamond Offshore Drilling | Ball vs. The Coca Cola | Ball vs. Bm Technologies | Ball vs. Monster Beverage Corp |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
Other Complementary Tools
Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity |