Correlation Between Hawaiian Electric and PSJHOG
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By analyzing existing cross correlation between Hawaiian Electric Industries and PSJHOG 27 01 OCT 51, you can compare the effects of market volatilities on Hawaiian Electric and PSJHOG 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 Hawaiian Electric with a short position of PSJHOG. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hawaiian Electric and PSJHOG.
Diversification Opportunities for Hawaiian Electric and PSJHOG
0.13 | Correlation Coefficient |
Average diversification
The 3 months correlation between Hawaiian and PSJHOG is 0.13. Overlapping area represents the amount of risk that can be diversified away by holding Hawaiian Electric Industries and PSJHOG 27 01 OCT 51 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PSJHOG 27 01 and Hawaiian Electric 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 Hawaiian Electric Industries are associated (or correlated) with PSJHOG. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PSJHOG 27 01 has no effect on the direction of Hawaiian Electric i.e., Hawaiian Electric and PSJHOG go up and down completely randomly.
Pair Corralation between Hawaiian Electric and PSJHOG
Allowing for the 90-day total investment horizon Hawaiian Electric Industries is expected to generate 2.8 times more return on investment than PSJHOG. However, Hawaiian Electric is 2.8 times more volatile than PSJHOG 27 01 OCT 51. It trades about 0.26 of its potential returns per unit of risk. PSJHOG 27 01 OCT 51 is currently generating about 0.19 per unit of risk. If you would invest 818.00 in Hawaiian Electric Industries on December 11, 2024 and sell it today you would earn a total of 307.00 from holding Hawaiian Electric Industries or generate 37.53% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 70.73% |
| Values | Daily Returns |
Hawaiian Electric Industries vs. PSJHOG 27 01 OCT 51
Performance |
| Timeline |
| Hawaiian Electric |
| PSJHOG 27 01 |
Hawaiian Electric and PSJHOG Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hawaiian Electric and PSJHOG
The main advantage of trading using opposite Hawaiian Electric and PSJHOG positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hawaiian Electric position performs unexpectedly, PSJHOG 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 PSJHOG will offset losses from the drop in PSJHOG's long position.| Hawaiian Electric vs. DTE Energy | ||
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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