Correlation Between Expand Energy and Grupo
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By analyzing existing cross correlation between Expand Energy and Grupo Televisa SAB, you can compare the effects of market volatilities on Expand Energy and Grupo 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 Expand Energy with a short position of Grupo. Check out your portfolio center. Please also check ongoing floating volatility patterns of Expand Energy and Grupo.
Diversification Opportunities for Expand Energy and Grupo
-0.67 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Expand and Grupo is -0.67. Overlapping area represents the amount of risk that can be diversified away by holding Expand Energy and Grupo Televisa SAB in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Grupo Televisa SAB and Expand 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 Expand Energy are associated (or correlated) with Grupo. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Grupo Televisa SAB has no effect on the direction of Expand Energy i.e., Expand Energy and Grupo go up and down completely randomly.
Pair Corralation between Expand Energy and Grupo
Assuming the 90 days horizon Expand Energy is expected to generate 0.74 times more return on investment than Grupo. However, Expand Energy is 1.35 times less risky than Grupo. It trades about 0.38 of its potential returns per unit of risk. Grupo Televisa SAB is currently generating about 0.21 per unit of risk. If you would invest 8,963 in Expand Energy on October 23, 2024 and sell it today you would earn a total of 1,169 from holding Expand Energy or generate 13.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 83.33% |
| Values | Daily Returns |
Expand Energy vs. Grupo Televisa SAB
Performance |
| Timeline |
| Expand Energy |
| Grupo Televisa SAB |
Expand Energy and Grupo Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Expand Energy and Grupo
The main advantage of trading using opposite Expand Energy and Grupo positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Expand Energy position performs unexpectedly, Grupo 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 Grupo will offset losses from the drop in Grupo's long position.| Expand Energy vs. Amkor Technology | Expand Energy vs. National Beverage Corp | Expand Energy vs. Fomento Economico Mexicano | Expand Energy vs. Radcom |
| Grupo vs. Denison Mines Corp | Grupo vs. Hooker Furniture | Grupo vs. Lindblad Expeditions Holdings | Grupo vs. Vulcan Materials |
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 Analyzer module to analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas.
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