Correlation Between Intel and SOUTHERN
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By analyzing existing cross correlation between Intel and SOUTHERN CALIF EDISON, you can compare the effects of market volatilities on Intel and SOUTHERN 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 Intel with a short position of SOUTHERN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Intel and SOUTHERN.
Diversification Opportunities for Intel and SOUTHERN
Very good diversification
The 3 months correlation between Intel and SOUTHERN is -0.42. Overlapping area represents the amount of risk that can be diversified away by holding Intel and SOUTHERN CALIF EDISON in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SOUTHERN CALIF EDISON and Intel 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 Intel are associated (or correlated) with SOUTHERN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SOUTHERN CALIF EDISON has no effect on the direction of Intel i.e., Intel and SOUTHERN go up and down completely randomly.
Pair Corralation between Intel and SOUTHERN
Given the investment horizon of 90 days Intel is expected to generate 3.11 times less return on investment than SOUTHERN. In addition to that, Intel is 3.44 times more volatile than SOUTHERN CALIF EDISON. It trades about 0.01 of its total potential returns per unit of risk. SOUTHERN CALIF EDISON is currently generating about 0.13 per unit of volatility. If you would invest 8,010 in SOUTHERN CALIF EDISON on September 5, 2024 and sell it today you would earn a total of 173.00 from holding SOUTHERN CALIF EDISON or generate 2.16% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 86.36% |
| Values | Daily Returns |
Intel vs. SOUTHERN CALIF EDISON
Performance |
| Timeline |
| Intel |
| SOUTHERN CALIF EDISON |
Intel and SOUTHERN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Intel and SOUTHERN
The main advantage of trading using opposite Intel and SOUTHERN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Intel position performs unexpectedly, SOUTHERN 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 SOUTHERN will offset losses from the drop in SOUTHERN's long position.| Intel vs. NXP Semiconductors NV | Intel vs. Monolithic Power Systems | Intel vs. ON Semiconductor | Intel vs. GSI Technology |
| SOUTHERN vs. Ainsworth Game Technology | SOUTHERN vs. Xponential Fitness | SOUTHERN vs. Wicket Gaming AB | SOUTHERN vs. Marine Products |
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.
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