Correlation Between Salesforce and EQUINOR
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By analyzing existing cross correlation between Salesforce and EQUINOR ASA, you can compare the effects of market volatilities on Salesforce and EQUINOR 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 Salesforce with a short position of EQUINOR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Salesforce and EQUINOR.
Diversification Opportunities for Salesforce and EQUINOR
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Salesforce and EQUINOR is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Salesforce and EQUINOR ASA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EQUINOR ASA and Salesforce 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 Salesforce are associated (or correlated) with EQUINOR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EQUINOR ASA has no effect on the direction of Salesforce i.e., Salesforce and EQUINOR go up and down completely randomly.
Pair Corralation between Salesforce and EQUINOR
Considering the 90-day investment horizon Salesforce is expected to generate 4.71 times more return on investment than EQUINOR. However, Salesforce is 4.71 times more volatile than EQUINOR ASA. It trades about 0.27 of its potential returns per unit of risk. EQUINOR ASA is currently generating about -0.12 per unit of risk. If you would invest 24,767 in Salesforce on September 2, 2024 and sell it today you would earn a total of 8,232 from holding Salesforce or generate 33.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.31% |
| Values | Daily Returns |
Salesforce vs. EQUINOR ASA
Performance |
| Timeline |
| Salesforce |
| EQUINOR ASA |
Salesforce and EQUINOR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Salesforce and EQUINOR
The main advantage of trading using opposite Salesforce and EQUINOR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Salesforce position performs unexpectedly, EQUINOR 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 EQUINOR will offset losses from the drop in EQUINOR's long position.| Salesforce vs. Ke Holdings | Salesforce vs. nCino Inc | Salesforce vs. Kingsoft Cloud Holdings | Salesforce vs. Jfrog |
| EQUINOR vs. Addus HomeCare | EQUINOR vs. Commonwealth Bank of | EQUINOR vs. Chiba Bank Ltd | EQUINOR vs. Pintec Technology Holdings |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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