Correlation Between Crossamerica Partners and Gaslog Partners
Can any of the company-specific risk be diversified away by investing in both Crossamerica Partners and Gaslog Partners 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 Crossamerica Partners and Gaslog Partners into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Crossamerica Partners LP and Gaslog Partners LP, you can compare the effects of market volatilities on Crossamerica Partners and Gaslog Partners 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 Crossamerica Partners with a short position of Gaslog Partners. Check out your portfolio center. Please also check ongoing floating volatility patterns of Crossamerica Partners and Gaslog Partners.
Diversification Opportunities for Crossamerica Partners and Gaslog Partners
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Crossamerica and Gaslog is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Crossamerica Partners LP and Gaslog Partners LP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gaslog Partners LP and Crossamerica Partners 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 Crossamerica Partners LP are associated (or correlated) with Gaslog Partners. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gaslog Partners LP has no effect on the direction of Crossamerica Partners i.e., Crossamerica Partners and Gaslog Partners go up and down completely randomly.
Pair Corralation between Crossamerica Partners and Gaslog Partners
If you would invest 863.00 in Gaslog Partners LP on August 31, 2024 and sell it today you would earn a total of 0.00 from holding Gaslog Partners LP or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Crossamerica Partners LP vs. Gaslog Partners LP
Performance |
| Timeline |
| Crossamerica Partners |
| Gaslog Partners LP |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Crossamerica Partners and Gaslog Partners Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Crossamerica Partners and Gaslog Partners
The main advantage of trading using opposite Crossamerica Partners and Gaslog Partners positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Crossamerica Partners position performs unexpectedly, Gaslog Partners 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 Partners will offset losses from the drop in Gaslog Partners' long position.| Crossamerica Partners vs. Delek Energy | Crossamerica Partners vs. Sunoco LP | Crossamerica Partners vs. CVR Energy | Crossamerica Partners vs. Phillips 66 |
| Gaslog Partners vs. Brooge Holdings | Gaslog Partners vs. Dynagas LNG Partners | Gaslog Partners vs. Dynagas LNG Partners | Gaslog Partners vs. Martin Midstream Partners |
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.
Other Complementary Tools
| 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 | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. |