Correlation Between Asbury Automotive and HALLIBURTON
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By analyzing existing cross correlation between Asbury Automotive Group and HALLIBURTON 485 percent, you can compare the effects of market volatilities on Asbury Automotive and HALLIBURTON 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 Asbury Automotive with a short position of HALLIBURTON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asbury Automotive and HALLIBURTON.
Diversification Opportunities for Asbury Automotive and HALLIBURTON
0.3 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Asbury and HALLIBURTON is 0.3. Overlapping area represents the amount of risk that can be diversified away by holding Asbury Automotive Group and HALLIBURTON 485 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HALLIBURTON 485 percent and Asbury Automotive 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 Asbury Automotive Group are associated (or correlated) with HALLIBURTON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HALLIBURTON 485 percent has no effect on the direction of Asbury Automotive i.e., Asbury Automotive and HALLIBURTON go up and down completely randomly.
Pair Corralation between Asbury Automotive and HALLIBURTON
Considering the 90-day investment horizon Asbury Automotive Group is expected to generate 2.44 times more return on investment than HALLIBURTON. However, Asbury Automotive is 2.44 times more volatile than HALLIBURTON 485 percent. It trades about 0.12 of its potential returns per unit of risk. HALLIBURTON 485 percent is currently generating about 0.05 per unit of risk. If you would invest 24,704 in Asbury Automotive Group on October 25, 2024 and sell it today you would earn a total of 957.00 from holding Asbury Automotive Group or generate 3.87% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 90.0% |
| Values | Daily Returns |
Asbury Automotive Group vs. HALLIBURTON 485 percent
Performance |
| Timeline |
| Asbury Automotive |
| HALLIBURTON 485 percent |
Asbury Automotive and HALLIBURTON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asbury Automotive and HALLIBURTON
The main advantage of trading using opposite Asbury Automotive and HALLIBURTON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asbury Automotive position performs unexpectedly, HALLIBURTON 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 HALLIBURTON will offset losses from the drop in HALLIBURTON's long position.| Asbury Automotive vs. Sonic Automotive | Asbury Automotive vs. Lithia Motors | Asbury Automotive vs. AutoNation | Asbury Automotive vs. Penske Automotive Group |
| HALLIBURTON vs. Arhaus Inc | HALLIBURTON vs. BBB Foods | HALLIBURTON vs. Paysafe | HALLIBURTON vs. Asbury Automotive Group |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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