Correlation Between Energean Oil and ACG Acquisition
Can any of the company-specific risk be diversified away by investing in both Energean Oil and ACG Acquisition 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 Energean Oil and ACG Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Energean Oil Gas and ACG Acquisition Co, you can compare the effects of market volatilities on Energean Oil and ACG Acquisition 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 Energean Oil with a short position of ACG Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of Energean Oil and ACG Acquisition.
Diversification Opportunities for Energean Oil and ACG Acquisition
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between Energean and ACG is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding Energean Oil Gas and ACG Acquisition Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ACG Acquisition and Energean Oil 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 Energean Oil Gas are associated (or correlated) with ACG Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ACG Acquisition has no effect on the direction of Energean Oil i.e., Energean Oil and ACG Acquisition go up and down completely randomly.
Pair Corralation between Energean Oil and ACG Acquisition
If you would invest 510.00 in ACG Acquisition Co on November 2, 2024 and sell it today you would earn a total of 0.00 from holding ACG Acquisition Co or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Energean Oil Gas vs. ACG Acquisition Co
Performance |
| Timeline |
| Energean Oil Gas |
| ACG Acquisition |
Energean Oil and ACG Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Energean Oil and ACG Acquisition
The main advantage of trading using opposite Energean Oil and ACG Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Energean Oil position performs unexpectedly, ACG Acquisition 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 ACG Acquisition will offset losses from the drop in ACG Acquisition's long position.| Energean Oil vs. Zoom Video Communications | Energean Oil vs. Public Storage | Energean Oil vs. Gaztransport et Technigaz | Energean Oil vs. Ion Beam Applications |
| ACG Acquisition vs. Beowulf Mining | ACG Acquisition vs. Wheaton Precious Metals | ACG Acquisition vs. Bankers Investment Trust | ACG Acquisition vs. Atalaya Mining |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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