Correlation Between Consol Energy and 23291KAH8
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By analyzing existing cross correlation between Consol Energy and DH EUROPE FINANCE, you can compare the effects of market volatilities on Consol Energy and 23291KAH8 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 Consol Energy with a short position of 23291KAH8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Consol Energy and 23291KAH8.
Diversification Opportunities for Consol Energy and 23291KAH8
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Consol and 23291KAH8 is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Consol Energy and DH EUROPE FINANCE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DH EUROPE FINANCE and Consol Energy 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 Consol Energy are associated (or correlated) with 23291KAH8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DH EUROPE FINANCE has no effect on the direction of Consol Energy i.e., Consol Energy and 23291KAH8 go up and down completely randomly.
Pair Corralation between Consol Energy and 23291KAH8
Given the investment horizon of 90 days Consol Energy is expected to under-perform the 23291KAH8. In addition to that, Consol Energy is 2.88 times more volatile than DH EUROPE FINANCE. It trades about -0.24 of its total potential returns per unit of risk. DH EUROPE FINANCE is currently generating about -0.11 per unit of volatility. If you would invest 9,052 in DH EUROPE FINANCE on September 12, 2024 and sell it today you would lose (150.00) from holding DH EUROPE FINANCE or give up 1.66% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Consol Energy vs. DH EUROPE FINANCE
Performance |
| Timeline |
| Consol Energy |
| DH EUROPE FINANCE |
Consol Energy and 23291KAH8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Consol Energy and 23291KAH8
The main advantage of trading using opposite Consol Energy and 23291KAH8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Consol Energy position performs unexpectedly, 23291KAH8 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 23291KAH8 will offset losses from the drop in 23291KAH8's long position.| Consol Energy vs. Alliance Resource Partners | Consol Energy vs. Natural Resource Partners | Consol Energy vs. Hallador Energy | Consol Energy vs. NACCO Industries |
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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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