Correlation Between PennantPark Investment and SES SA
Can any of the company-specific risk be diversified away by investing in both PennantPark Investment and SES SA 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 PennantPark Investment and SES SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PennantPark Investment and SES SA, you can compare the effects of market volatilities on PennantPark Investment and SES SA 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 PennantPark Investment with a short position of SES SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of PennantPark Investment and SES SA.
Diversification Opportunities for PennantPark Investment and SES SA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PennantPark and SES is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PennantPark Investment and SES SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SES SA and PennantPark Investment 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 PennantPark Investment are associated (or correlated) with SES SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SES SA has no effect on the direction of PennantPark Investment i.e., PennantPark Investment and SES SA go up and down completely randomly.
Pair Corralation between PennantPark Investment and SES SA
If you would invest 523.00 in PennantPark Investment on September 4, 2024 and sell it today you would earn a total of 115.00 from holding PennantPark Investment or generate 21.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
PennantPark Investment vs. SES SA
Performance |
| Timeline |
| PennantPark Investment |
| SES SA |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
PennantPark Investment and SES SA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PennantPark Investment and SES SA
The main advantage of trading using opposite PennantPark Investment and SES SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PennantPark Investment position performs unexpectedly, SES SA 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 SES SA will offset losses from the drop in SES SA's long position.| PennantPark Investment vs. Blackstone Group | PennantPark Investment vs. BlackRock | PennantPark Investment vs. The Bank of | PennantPark Investment vs. Ameriprise Financial |
| SES SA vs. Vastned Retail NV | SES SA vs. BURLINGTON STORES | SES SA vs. Ming Le Sports | SES SA vs. United States Steel |
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 Portfolio Dashboard module to portfolio dashboard that provides centralized access to all your investments.
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