Correlation Between Gaslog Partners and Teekay
Can any of the company-specific risk be diversified away by investing in both Gaslog Partners and Teekay 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 Gaslog Partners and Teekay into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Gaslog Partners LP and Teekay, you can compare the effects of market volatilities on Gaslog Partners and Teekay 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 Gaslog Partners with a short position of Teekay. Check out your portfolio center. Please also check ongoing floating volatility patterns of Gaslog Partners and Teekay.
Diversification Opportunities for Gaslog Partners and Teekay
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Gaslog and Teekay is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Gaslog Partners LP and Teekay in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Teekay and Gaslog Partners 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 Gaslog Partners LP are associated (or correlated) with Teekay. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Teekay has no effect on the direction of Gaslog Partners i.e., Gaslog Partners and Teekay go up and down completely randomly.
Pair Corralation between Gaslog Partners and Teekay
If you would invest 863.00 in Gaslog Partners LP on November 2, 2024 and sell it today you would earn a total of 0.00 from holding Gaslog Partners LP or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 5.26% |
| Values | Daily Returns |
Gaslog Partners LP vs. Teekay
Performance |
| Timeline |
| Gaslog Partners LP |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Teekay |
Gaslog Partners and Teekay Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Gaslog Partners and Teekay
The main advantage of trading using opposite Gaslog Partners and Teekay positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Gaslog Partners position performs unexpectedly, Teekay 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 Teekay will offset losses from the drop in Teekay's long position.| Gaslog Partners vs. Brooge Holdings | Gaslog Partners vs. Dynagas LNG Partners | Gaslog Partners vs. Dynagas LNG Partners | Gaslog Partners vs. Martin Midstream Partners |
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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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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