Correlated Stocks?

Does anyone know of a technical service that will scan stocks of like industries for correlation. IOW's if you're long XYZ can you tell me what other stocks trade at a high serial correlation to XYZ? I can do it manually by picking what I think are poss candidates but obviously there's too big a universe out there to just randomly search.

 

http://www.sectorspdr.com/correlation/

Here is another site:


http://www.marketscreen.com/

 

Perfect!! Many thank's!

 

Now for the dumb question. Why do you look for a correlating stock, is it for risk management, or some other terribly obvious reason that I don't understand?

 

Try this one

http://www.market-topology.com/

 

It's a technique called "pairs trading". Go long with the stronger of the pair and short the other.