Correlation Between Civitas Resources and New Source
Can any of the company-specific risk be diversified away by investing in both Civitas Resources and New Source 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 Civitas Resources and New Source into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Civitas Resources and New Source Energy, you can compare the effects of market volatilities on Civitas Resources and New Source 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 Civitas Resources with a short position of New Source. Check out your portfolio center. Please also check ongoing floating volatility patterns of Civitas Resources and New Source.
Diversification Opportunities for Civitas Resources and New Source
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Civitas and New is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Civitas Resources and New Source Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on New Source Energy and Civitas Resources 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 Civitas Resources are associated (or correlated) with New Source. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of New Source Energy has no effect on the direction of Civitas Resources i.e., Civitas Resources and New Source go up and down completely randomly.
Pair Corralation between Civitas Resources and New Source
If you would invest 103.00 in Civitas Resources on November 3, 2024 and sell it today you would lose (100.90) from holding Civitas Resources or give up 97.96% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.4% |
| Values | Daily Returns |
Civitas Resources vs. New Source Energy
Performance |
| Timeline |
| Civitas Resources |
| New Source Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Civitas Resources and New Source Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Civitas Resources and New Source
The main advantage of trading using opposite Civitas Resources and New Source positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Civitas Resources position performs unexpectedly, New Source 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 New Source will offset losses from the drop in New Source's long position.| Civitas Resources vs. Black Mammoth Metals | Civitas Resources vs. Alvotech | Civitas Resources vs. Vulcan Materials | Civitas Resources vs. Rambler Metals and |
| New Source vs. Calima Energy Limited | New Source vs. Barrister Energy LLC | New Source vs. Buru Energy Limited | New Source vs. Altura Energy |
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.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing |