Correlation Between Crew Energy and Saturn Oil
Can any of the company-specific risk be diversified away by investing in both Crew Energy and Saturn Oil 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 Crew Energy and Saturn Oil into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Crew Energy and Saturn Oil Gas, you can compare the effects of market volatilities on Crew Energy and Saturn Oil 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 Crew Energy with a short position of Saturn Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Crew Energy and Saturn Oil.
Diversification Opportunities for Crew Energy and Saturn Oil
-0.33 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Crew and Saturn is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Crew Energy and Saturn Oil Gas in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Saturn Oil Gas and Crew 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 Crew Energy are associated (or correlated) with Saturn Oil. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Saturn Oil Gas has no effect on the direction of Crew Energy i.e., Crew Energy and Saturn Oil go up and down completely randomly.
Pair Corralation between Crew Energy and Saturn Oil
If you would invest 136.00 in Saturn Oil Gas on October 23, 2024 and sell it today you would earn a total of 20.00 from holding Saturn Oil Gas or generate 14.71% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Crew Energy vs. Saturn Oil Gas
Performance |
| Timeline |
| Crew Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Saturn Oil Gas |
Crew Energy and Saturn Oil Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Crew Energy and Saturn Oil
The main advantage of trading using opposite Crew Energy and Saturn Oil positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Crew Energy position performs unexpectedly, Saturn Oil 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 Saturn Oil will offset losses from the drop in Saturn Oil's long position.| Crew Energy vs. Surge Energy | Crew Energy vs. Athabasca Oil Corp | Crew Energy vs. Birchcliff Energy | Crew Energy vs. Tamarack Valley Energy |
| Saturn Oil vs. San Leon Energy | Saturn Oil vs. Enwell Energy plc | Saturn Oil vs. Dno ASA | Saturn Oil vs. Questerre Energy |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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