Correlation Between Alliant Energy and 718549AB4
Specify exactly 2 symbols:
By analyzing existing cross correlation between Alliant Energy Corp and Phillips 66 Partners, you can compare the effects of market volatilities on Alliant Energy and 718549AB4 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 Alliant Energy with a short position of 718549AB4. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alliant Energy and 718549AB4.
Diversification Opportunities for Alliant Energy and 718549AB4
-0.25 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Alliant and 718549AB4 is -0.25. Overlapping area represents the amount of risk that can be diversified away by holding Alliant Energy Corp and Phillips 66 Partners in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Phillips 66 Partners and Alliant 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 Alliant Energy Corp are associated (or correlated) with 718549AB4. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Phillips 66 Partners has no effect on the direction of Alliant Energy i.e., Alliant Energy and 718549AB4 go up and down completely randomly.
Pair Corralation between Alliant Energy and 718549AB4
Considering the 90-day investment horizon Alliant Energy Corp is expected to generate 0.97 times more return on investment than 718549AB4. However, Alliant Energy Corp is 1.03 times less risky than 718549AB4. It trades about 0.32 of its potential returns per unit of risk. Phillips 66 Partners is currently generating about -0.3 per unit of risk. If you would invest 5,774 in Alliant Energy Corp on September 2, 2024 and sell it today you would earn a total of 546.00 from holding Alliant Energy Corp or generate 9.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 47.62% |
| Values | Daily Returns |
Alliant Energy Corp vs. Phillips 66 Partners
Performance |
| Timeline |
| Alliant Energy Corp |
| Phillips 66 Partners |
Alliant Energy and 718549AB4 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alliant Energy and 718549AB4
The main advantage of trading using opposite Alliant Energy and 718549AB4 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alliant Energy position performs unexpectedly, 718549AB4 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 718549AB4 will offset losses from the drop in 718549AB4's long position.| Alliant Energy vs. DTE Energy | Alliant Energy vs. Ameren Corp | Alliant Energy vs. CenterPoint Energy | Alliant Energy vs. Pinnacle West Capital |
| 718549AB4 vs. Celsius Holdings | 718549AB4 vs. Brandywine Realty Trust | 718549AB4 vs. Naked Wines plc | 718549AB4 vs. Global E Online |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Top Crypto Exchanges Search and analyze digital assets across top global cryptocurrency exchanges | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |