Correlation Between Blue Dolphin and PTL
Can any of the company-specific risk be diversified away by investing in both Blue Dolphin and PTL 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 Blue Dolphin and PTL into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Blue Dolphin Energy and PTL LTD Ordinary, you can compare the effects of market volatilities on Blue Dolphin and PTL 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 Blue Dolphin with a short position of PTL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blue Dolphin and PTL.
Diversification Opportunities for Blue Dolphin and PTL
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Blue and PTL is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Blue Dolphin Energy and PTL LTD Ordinary in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PTL LTD Ordinary and Blue Dolphin 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 Blue Dolphin Energy are associated (or correlated) with PTL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PTL LTD Ordinary has no effect on the direction of Blue Dolphin i.e., Blue Dolphin and PTL go up and down completely randomly.
Pair Corralation between Blue Dolphin and PTL
If you would invest 411.00 in PTL LTD Ordinary on August 30, 2024 and sell it today you would earn a total of 277.00 from holding PTL LTD Ordinary or generate 67.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 4.35% |
| Values | Daily Returns |
Blue Dolphin Energy vs. PTL LTD Ordinary
Performance |
| Timeline |
| Blue Dolphin Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| PTL LTD Ordinary |
Blue Dolphin and PTL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Blue Dolphin and PTL
The main advantage of trading using opposite Blue Dolphin and PTL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blue Dolphin position performs unexpectedly, PTL 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 PTL will offset losses from the drop in PTL's long position.| Blue Dolphin vs. Aemetis | Blue Dolphin vs. PBF Energy | Blue Dolphin vs. Clean Energy Fuels | Blue Dolphin vs. Par Pacific Holdings |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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