Correlation Between Consol Energy and 88579YBH3
Specify exactly 2 symbols:
By analyzing existing cross correlation between Consol Energy and 3M CO, you can compare the effects of market volatilities on Consol Energy and 88579YBH3 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 88579YBH3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Consol Energy and 88579YBH3.
Diversification Opportunities for Consol Energy and 88579YBH3
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Consol and 88579YBH3 is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Consol Energy and 3M CO in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 88579YBH3 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 88579YBH3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 88579YBH3 has no effect on the direction of Consol Energy i.e., Consol Energy and 88579YBH3 go up and down completely randomly.
Pair Corralation between Consol Energy and 88579YBH3
Given the investment horizon of 90 days Consol Energy is expected to generate 3.42 times more return on investment than 88579YBH3. However, Consol Energy is 3.42 times more volatile than 3M CO. It trades about 0.07 of its potential returns per unit of risk. 3M CO is currently generating about -0.13 per unit of risk. If you would invest 11,045 in Consol Energy on September 13, 2024 and sell it today you would earn a total of 679.00 from holding Consol Energy or generate 6.15% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.35% |
| Values | Daily Returns |
Consol Energy vs. 3M CO
Performance |
| Timeline |
| Consol Energy |
| 88579YBH3 |
Consol Energy and 88579YBH3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Consol Energy and 88579YBH3
The main advantage of trading using opposite Consol Energy and 88579YBH3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Consol Energy position performs unexpectedly, 88579YBH3 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 88579YBH3 will offset losses from the drop in 88579YBH3'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 |
| 88579YBH3 vs. Dave Busters Entertainment | 88579YBH3 vs. Cedar Realty Trust | 88579YBH3 vs. BCE Inc | 88579YBH3 vs. Inflection Point Acquisition |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Diagnostics Use generated alerts and portfolio events aggregator to diagnose current holdings |