Correlation Between Air Products and GasLog
Can any of the company-specific risk be diversified away by investing in both Air Products and GasLog 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 Air Products and GasLog into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Air Products and and GasLog, you can compare the effects of market volatilities on Air Products and GasLog 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 Air Products with a short position of GasLog. Check out your portfolio center. Please also check ongoing floating volatility patterns of Air Products and GasLog.
Diversification Opportunities for Air Products and GasLog
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Air and GasLog is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Air Products and and GasLog in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GasLog and Air Products 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 Air Products and are associated (or correlated) with GasLog. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GasLog has no effect on the direction of Air Products i.e., Air Products and GasLog go up and down completely randomly.
Pair Corralation between Air Products and GasLog
If you would invest (100.00) in GasLog on September 12, 2024 and sell it today you would earn a total of 100.00 from holding GasLog 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 |
Air Products and vs. GasLog
Performance |
| Timeline |
| Air Products |
| GasLog |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Air Products and GasLog Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Air Products and GasLog
The main advantage of trading using opposite Air Products and GasLog positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Air Products position performs unexpectedly, GasLog 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 GasLog will offset losses from the drop in GasLog's long position.| Air Products vs. Griffon | Air Products vs. Merck Company | Air Products vs. Brinker International | Air Products vs. Alcoa Corp |
| GasLog vs. Forsys Metals Corp | GasLog vs. Payoneer Global | GasLog vs. Minerals Technologies | GasLog vs. Agnico Eagle Mines |
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.
Other Complementary Tools
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |