Correlation Between Hasbro and TransAtlantic Petroleum
Can any of the company-specific risk be diversified away by investing in both Hasbro and TransAtlantic Petroleum 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 Hasbro and TransAtlantic Petroleum into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hasbro Inc and TransAtlantic Petroleum, you can compare the effects of market volatilities on Hasbro and TransAtlantic Petroleum 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 Hasbro with a short position of TransAtlantic Petroleum. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hasbro and TransAtlantic Petroleum.
Diversification Opportunities for Hasbro and TransAtlantic Petroleum
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Hasbro and TransAtlantic is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Hasbro Inc and TransAtlantic Petroleum in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on TransAtlantic Petroleum and Hasbro 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 Hasbro Inc are associated (or correlated) with TransAtlantic Petroleum. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TransAtlantic Petroleum has no effect on the direction of Hasbro i.e., Hasbro and TransAtlantic Petroleum go up and down completely randomly.
Pair Corralation between Hasbro and TransAtlantic Petroleum
If you would invest 4,262 in Hasbro Inc on September 14, 2024 and sell it today you would earn a total of 1,914 from holding Hasbro Inc or generate 44.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Hasbro Inc vs. TransAtlantic Petroleum
Performance |
| Timeline |
| Hasbro Inc |
| TransAtlantic Petroleum |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Hasbro and TransAtlantic Petroleum Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hasbro and TransAtlantic Petroleum
The main advantage of trading using opposite Hasbro and TransAtlantic Petroleum positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hasbro position performs unexpectedly, TransAtlantic Petroleum 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 TransAtlantic Petroleum will offset losses from the drop in TransAtlantic Petroleum's long position.| Hasbro vs. Clarus Corp | Hasbro vs. Johnson Outdoors | Hasbro vs. JAKKS Pacific | Hasbro vs. OneSpaWorld Holdings |
| TransAtlantic Petroleum vs. Dominos Pizza | TransAtlantic Petroleum vs. Chipotle Mexican Grill | TransAtlantic Petroleum vs. Hasbro Inc | TransAtlantic Petroleum vs. Planet Fitness |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Commodity Channel Use Commodity Channel Index to analyze current equity momentum |