Correlation Between Eastern and HALLIBURTON
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By analyzing existing cross correlation between Eastern Co and HALLIBURTON 485 percent, you can compare the effects of market volatilities on Eastern and HALLIBURTON 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 Eastern with a short position of HALLIBURTON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Eastern and HALLIBURTON.
Diversification Opportunities for Eastern and HALLIBURTON
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Eastern and HALLIBURTON is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Eastern Co and HALLIBURTON 485 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HALLIBURTON 485 percent and Eastern 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 Eastern Co are associated (or correlated) with HALLIBURTON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HALLIBURTON 485 percent has no effect on the direction of Eastern i.e., Eastern and HALLIBURTON go up and down completely randomly.
Pair Corralation between Eastern and HALLIBURTON
Considering the 90-day investment horizon Eastern Co is expected to generate 0.96 times more return on investment than HALLIBURTON. However, Eastern Co is 1.04 times less risky than HALLIBURTON. It trades about 0.08 of its potential returns per unit of risk. HALLIBURTON 485 percent is currently generating about 0.01 per unit of risk. If you would invest 2,704 in Eastern Co on October 22, 2024 and sell it today you would earn a total of 66.00 from holding Eastern Co or generate 2.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.0% |
| Values | Daily Returns |
Eastern Co vs. HALLIBURTON 485 percent
Performance |
| Timeline |
| Eastern |
| HALLIBURTON 485 percent |
Eastern and HALLIBURTON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Eastern and HALLIBURTON
The main advantage of trading using opposite Eastern and HALLIBURTON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Eastern position performs unexpectedly, HALLIBURTON 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 HALLIBURTON will offset losses from the drop in HALLIBURTON's long position.| Eastern vs. Timken Company | Eastern vs. Lincoln Electric Holdings | Eastern vs. Hillman Solutions Corp | Eastern vs. AB SKF |
| HALLIBURTON vs. Sun Life Financial | HALLIBURTON vs. Coffee Holding Co | HALLIBURTON vs. Molina Healthcare | HALLIBURTON vs. Loews Corp |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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