Correlation Between Coterra Energy and 207597DV4
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By analyzing existing cross correlation between Coterra Energy and CONNECTICUT LT PWR, you can compare the effects of market volatilities on Coterra Energy and 207597DV4 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 Coterra Energy with a short position of 207597DV4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Coterra Energy and 207597DV4.
Diversification Opportunities for Coterra Energy and 207597DV4
0.04 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Coterra and 207597DV4 is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding Coterra Energy and CONNECTICUT LT PWR in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONNECTICUT LT PWR and Coterra 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 Coterra Energy are associated (or correlated) with 207597DV4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONNECTICUT LT PWR has no effect on the direction of Coterra Energy i.e., Coterra Energy and 207597DV4 go up and down completely randomly.
Pair Corralation between Coterra Energy and 207597DV4
Given the investment horizon of 90 days Coterra Energy is expected to generate 1.53 times more return on investment than 207597DV4. However, Coterra Energy is 1.53 times more volatile than CONNECTICUT LT PWR. It trades about 0.28 of its potential returns per unit of risk. CONNECTICUT LT PWR is currently generating about 0.28 per unit of risk. If you would invest 2,372 in Coterra Energy on September 1, 2024 and sell it today you would earn a total of 300.00 from holding Coterra Energy or generate 12.65% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 42.86% |
| Values | Daily Returns |
Coterra Energy vs. CONNECTICUT LT PWR
Performance |
| Timeline |
| Coterra Energy |
| CONNECTICUT LT PWR |
Coterra Energy and 207597DV4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Coterra Energy and 207597DV4
The main advantage of trading using opposite Coterra Energy and 207597DV4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Coterra Energy position performs unexpectedly, 207597DV4 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 207597DV4 will offset losses from the drop in 207597DV4's long position.| Coterra Energy vs. Devon Energy | Coterra Energy vs. Diamondback Energy | Coterra Energy vs. EOG Resources | Coterra Energy vs. ConocoPhillips |
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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 FinTech Suite module to use AI to screen and filter profitable investment opportunities.
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