Correlation Between CenterPoint Energy and Smurfit
Specify exactly 2 symbols:
By analyzing existing cross correlation between CenterPoint Energy and Smurfit Kappa Group, you can compare the effects of market volatilities on CenterPoint Energy and Smurfit 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 CenterPoint Energy with a short position of Smurfit. Check out your portfolio center. Please also check ongoing floating volatility patterns of CenterPoint Energy and Smurfit.
Diversification Opportunities for CenterPoint Energy and Smurfit
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CenterPoint and Smurfit is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CenterPoint Energy and Smurfit Kappa Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Smurfit Kappa Group and CenterPoint 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 CenterPoint Energy are associated (or correlated) with Smurfit. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Smurfit Kappa Group has no effect on the direction of CenterPoint Energy i.e., CenterPoint Energy and Smurfit go up and down completely randomly.
Pair Corralation between CenterPoint Energy and Smurfit
If you would invest 3,176 in CenterPoint Energy on October 20, 2024 and sell it today you would earn a total of 80.00 from holding CenterPoint Energy or generate 2.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
CenterPoint Energy vs. Smurfit Kappa Group
Performance |
| Timeline |
| CenterPoint Energy |
| Smurfit Kappa Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
CenterPoint Energy and Smurfit Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CenterPoint Energy and Smurfit
The main advantage of trading using opposite CenterPoint Energy and Smurfit positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CenterPoint Energy position performs unexpectedly, Smurfit 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 Smurfit will offset losses from the drop in Smurfit's long position.| CenterPoint Energy vs. DTE Energy | CenterPoint Energy vs. Alliant Energy Corp | CenterPoint Energy vs. Ameren Corp | CenterPoint Energy vs. Pinnacle West Capital |
| Smurfit vs. Albemarle | Smurfit vs. American Vanguard | Smurfit vs. Luxfer Holdings PLC | Smurfit vs. Chester Mining |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
Other Complementary Tools
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |