Correlation Between Consol Energy and ZEEKR Intelligent
Can any of the company-specific risk be diversified away by investing in both Consol Energy and ZEEKR Intelligent 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 Consol Energy and ZEEKR Intelligent into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Consol Energy and ZEEKR Intelligent Technology, you can compare the effects of market volatilities on Consol Energy and ZEEKR Intelligent 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 ZEEKR Intelligent. Check out your portfolio center. Please also check ongoing floating volatility patterns of Consol Energy and ZEEKR Intelligent.
Diversification Opportunities for Consol Energy and ZEEKR Intelligent
0.59 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Consol and ZEEKR is 0.59. Overlapping area represents the amount of risk that can be diversified away by holding Consol Energy and ZEEKR Intelligent Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ZEEKR Intelligent 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 ZEEKR Intelligent. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ZEEKR Intelligent has no effect on the direction of Consol Energy i.e., Consol Energy and ZEEKR Intelligent go up and down completely randomly.
Pair Corralation between Consol Energy and ZEEKR Intelligent
Given the investment horizon of 90 days Consol Energy is expected to generate 0.4 times more return on investment than ZEEKR Intelligent. However, Consol Energy is 2.52 times less risky than ZEEKR Intelligent. It trades about 0.27 of its potential returns per unit of risk. ZEEKR Intelligent Technology is currently generating about -0.06 per unit of risk. If you would invest 11,016 in Consol Energy on August 30, 2024 and sell it today you would earn a total of 2,123 from holding Consol Energy or generate 19.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Consol Energy vs. ZEEKR Intelligent Technology
Performance |
| Timeline |
| Consol Energy |
| ZEEKR Intelligent |
Consol Energy and ZEEKR Intelligent Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Consol Energy and ZEEKR Intelligent
The main advantage of trading using opposite Consol Energy and ZEEKR Intelligent positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Consol Energy position performs unexpectedly, ZEEKR Intelligent 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 ZEEKR Intelligent will offset losses from the drop in ZEEKR Intelligent'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 |
| ZEEKR Intelligent vs. Consol Energy | ZEEKR Intelligent vs. Olympic Steel | ZEEKR Intelligent vs. Western Copper and | ZEEKR Intelligent vs. Eldorado Gold Corp |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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