Correlation Between Grupo Carso and Halliburton
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By analyzing existing cross correlation between Grupo Carso SAB and Halliburton, you can compare the effects of market volatilities on Grupo Carso 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 Grupo Carso with a short position of Halliburton. Check out your portfolio center. Please also check ongoing floating volatility patterns of Grupo Carso and Halliburton.
Diversification Opportunities for Grupo Carso and Halliburton
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Grupo and Halliburton is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Grupo Carso SAB and Halliburton in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Halliburton and Grupo Carso 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 Grupo Carso SAB 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 has no effect on the direction of Grupo Carso i.e., Grupo Carso and Halliburton go up and down completely randomly.
Pair Corralation between Grupo Carso and Halliburton
Assuming the 90 days trading horizon Grupo Carso SAB is expected to generate 0.92 times more return on investment than Halliburton. However, Grupo Carso SAB is 1.09 times less risky than Halliburton. It trades about 0.04 of its potential returns per unit of risk. Halliburton is currently generating about -0.01 per unit of risk. If you would invest 8,494 in Grupo Carso SAB on September 14, 2024 and sell it today you would earn a total of 3,133 from holding Grupo Carso SAB or generate 36.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Grupo Carso SAB vs. Halliburton
Performance |
| Timeline |
| Grupo Carso SAB |
| Halliburton |
Grupo Carso and Halliburton Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Grupo Carso and Halliburton
The main advantage of trading using opposite Grupo Carso and Halliburton positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Grupo Carso 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.| Grupo Carso vs. Grupo Financiero Inbursa | Grupo Carso vs. Alfa SAB de | Grupo Carso vs. Kimberly Clark de Mxico | Grupo Carso vs. Grupo Televisa SAB |
| Halliburton vs. Verizon Communications | Halliburton vs. Martin Marietta Materials | Halliburton vs. United States Steel | Halliburton vs. Grupo Carso SAB |
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 Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.
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