Correlation Between Gas Natural and Aguas Andinas
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By analyzing existing cross correlation between Gas Natural Chile and Aguas Andinas SA, you can compare the effects of market volatilities on Gas Natural and Aguas Andinas 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 Gas Natural with a short position of Aguas Andinas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gas Natural and Aguas Andinas.
Diversification Opportunities for Gas Natural and Aguas Andinas
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Gas and Aguas is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Gas Natural Chile and Aguas Andinas SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Aguas Andinas SA and Gas Natural 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 Gas Natural Chile are associated (or correlated) with Aguas Andinas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Aguas Andinas SA has no effect on the direction of Gas Natural i.e., Gas Natural and Aguas Andinas go up and down completely randomly.
Pair Corralation between Gas Natural and Aguas Andinas
If you would invest 25,237 in Aguas Andinas SA on August 24, 2024 and sell it today you would earn a total of 4,613 from holding Aguas Andinas SA or generate 18.28% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Gas Natural Chile vs. Aguas Andinas SA
Performance |
| Timeline |
| Gas Natural Chile |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Aguas Andinas SA |
Gas Natural and Aguas Andinas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gas Natural and Aguas Andinas
The main advantage of trading using opposite Gas Natural and Aguas Andinas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gas Natural position performs unexpectedly, Aguas Andinas 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 Aguas Andinas will offset losses from the drop in Aguas Andinas' long position.| Gas Natural vs. LATAM Airlines Group | Gas Natural vs. Banco de Credito | Gas Natural vs. Multiexport Foods SA |
| Aguas Andinas vs. Embotelladora Andina SA | Aguas Andinas vs. Administradora Americana de | Aguas Andinas vs. Las Condes | Aguas Andinas vs. Salfacorp |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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