Correlation Between CPLP Old and Performance Shipping

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Can any of the company-specific risk be diversified away by investing in both CPLP Old and Performance Shipping 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 CPLP Old and Performance Shipping into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CPLP Old and Performance Shipping, you can compare the effects of market volatilities on CPLP Old and Performance Shipping 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 CPLP Old with a short position of Performance Shipping. Check out your portfolio center. Please also check ongoing floating volatility patterns of CPLP Old and Performance Shipping.

Diversification Opportunities for CPLP Old and Performance Shipping

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between CPLP and Performance is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CPLP Old and Performance Shipping in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Performance Shipping and CPLP Old 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 CPLP Old are associated (or correlated) with Performance Shipping. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Performance Shipping has no effect on the direction of CPLP Old i.e., CPLP Old and Performance Shipping go up and down completely randomly.

Pair Corralation between CPLP Old and Performance Shipping

If you would invest (100.00) in CPLP Old on November 9, 2024 and sell it today you would earn a total of  100.00  from holding CPLP Old or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

CPLP Old  vs.  Performance Shipping

 Performance 
       Timeline  
CPLP Old 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days CPLP Old has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable essential indicators, CPLP Old is not utilizing all of its potentials. The latest stock price agitation, may contribute to short-term losses for the retail investors.
Performance Shipping 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Performance Shipping has generated negative risk-adjusted returns adding no value to investors with long positions. Despite weak performance in the last few months, the Stock's technical indicators remain nearly stable which may send shares a bit higher in March 2025. The current disturbance may also be a sign of long-run up-swing for the company stockholders.

CPLP Old and Performance Shipping Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with CPLP Old and Performance Shipping

The main advantage of trading using opposite CPLP Old and Performance Shipping positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CPLP Old position performs unexpectedly, Performance Shipping 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 Performance Shipping will offset losses from the drop in Performance Shipping's long position.
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The idea behind CPLP Old and Performance Shipping pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.

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