Correlation Between INTERNATIONAL ENERGY and CONSOLIDATED HALLMARK
Specify exactly 2 symbols:
By analyzing existing cross correlation between INTERNATIONAL ENERGY INSURANCE and CONSOLIDATED HALLMARK INSURANCE, you can compare the effects of market volatilities on INTERNATIONAL ENERGY and CONSOLIDATED HALLMARK 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 INTERNATIONAL ENERGY with a short position of CONSOLIDATED HALLMARK. Check out your portfolio center. Please also check ongoing floating volatility patterns of INTERNATIONAL ENERGY and CONSOLIDATED HALLMARK.
Diversification Opportunities for INTERNATIONAL ENERGY and CONSOLIDATED HALLMARK
0.83 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between INTERNATIONAL and CONSOLIDATED is 0.83. Overlapping area represents the amount of risk that can be diversified away by holding INTERNATIONAL ENERGY INSURANCE and CONSOLIDATED HALLMARK INSURANC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONSOLIDATED HALLMARK and INTERNATIONAL ENERGY 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 INTERNATIONAL ENERGY INSURANCE are associated (or correlated) with CONSOLIDATED HALLMARK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONSOLIDATED HALLMARK has no effect on the direction of INTERNATIONAL ENERGY i.e., INTERNATIONAL ENERGY and CONSOLIDATED HALLMARK go up and down completely randomly.
Pair Corralation between INTERNATIONAL ENERGY and CONSOLIDATED HALLMARK
Assuming the 90 days trading horizon INTERNATIONAL ENERGY is expected to generate 3.0 times less return on investment than CONSOLIDATED HALLMARK. But when comparing it to its historical volatility, INTERNATIONAL ENERGY INSURANCE is 1.08 times less risky than CONSOLIDATED HALLMARK. It trades about 0.12 of its potential returns per unit of risk. CONSOLIDATED HALLMARK INSURANCE is currently generating about 0.34 of returns per unit of risk over similar time horizon. If you would invest 140.00 in CONSOLIDATED HALLMARK INSURANCE on October 24, 2024 and sell it today you would earn a total of 210.00 from holding CONSOLIDATED HALLMARK INSURANCE or generate 150.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
INTERNATIONAL ENERGY INSURANCE vs. CONSOLIDATED HALLMARK INSURANC
Performance |
| Timeline |
| INTERNATIONAL ENERGY |
| CONSOLIDATED HALLMARK |
INTERNATIONAL ENERGY and CONSOLIDATED HALLMARK Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with INTERNATIONAL ENERGY and CONSOLIDATED HALLMARK
The main advantage of trading using opposite INTERNATIONAL ENERGY and CONSOLIDATED HALLMARK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if INTERNATIONAL ENERGY position performs unexpectedly, CONSOLIDATED HALLMARK 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 CONSOLIDATED HALLMARK will offset losses from the drop in CONSOLIDATED HALLMARK's long position.| INTERNATIONAL ENERGY vs. FIDELITY BANK PLC | INTERNATIONAL ENERGY vs. STACO INSURANCE PLC | INTERNATIONAL ENERGY vs. STERLING FINANCIAL HOLDINGS | INTERNATIONAL ENERGY vs. AFROMEDIA PLC |
| CONSOLIDATED HALLMARK vs. CUSTODIAN INVESTMENT PLC | CONSOLIDATED HALLMARK vs. INTERNATIONAL ENERGY INSURANCE | CONSOLIDATED HALLMARK vs. WEMA BANK PLC | CONSOLIDATED HALLMARK vs. ASO SAVINGS AND |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
Other Complementary Tools
| Global Correlations Find global opportunities by holding instruments from different markets | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |