Correlation Between Chevron Corp and HASBRO
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By analyzing existing cross correlation between Chevron Corp and HASBRO INC 51, you can compare the effects of market volatilities on Chevron Corp and HASBRO 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 Chevron Corp with a short position of HASBRO. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chevron Corp and HASBRO.
Diversification Opportunities for Chevron Corp and HASBRO
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Chevron and HASBRO is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding Chevron Corp and HASBRO INC 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HASBRO INC 51 and Chevron Corp 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 Chevron Corp are associated (or correlated) with HASBRO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HASBRO INC 51 has no effect on the direction of Chevron Corp i.e., Chevron Corp and HASBRO go up and down completely randomly.
Pair Corralation between Chevron Corp and HASBRO
Considering the 90-day investment horizon Chevron Corp is expected to generate 0.88 times more return on investment than HASBRO. However, Chevron Corp is 1.13 times less risky than HASBRO. It trades about 0.01 of its potential returns per unit of risk. HASBRO INC 51 is currently generating about -0.01 per unit of risk. If you would invest 16,287 in Chevron Corp on August 24, 2024 and sell it today you would lose (51.00) from holding Chevron Corp or give up 0.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 85.69% |
| Values | Daily Returns |
Chevron Corp vs. HASBRO INC 51
Performance |
| Timeline |
| Chevron Corp |
| HASBRO INC 51 |
Chevron Corp and HASBRO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Chevron Corp and HASBRO
The main advantage of trading using opposite Chevron Corp and HASBRO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Chevron Corp position performs unexpectedly, HASBRO 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 HASBRO will offset losses from the drop in HASBRO's long position.| Chevron Corp vs. Eshallgo Class A | Chevron Corp vs. Amtech Systems | Chevron Corp vs. Gold Fields Ltd | Chevron Corp vs. Aegean Airlines SA |
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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