Correlation Between Noble Plc and EXELON
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By analyzing existing cross correlation between Noble plc and EXELON GENERATION LLC, you can compare the effects of market volatilities on Noble Plc and EXELON 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 Noble Plc with a short position of EXELON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Noble Plc and EXELON.
Diversification Opportunities for Noble Plc and EXELON
Poor diversification
The 3 months correlation between Noble and EXELON is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Noble plc and EXELON GENERATION LLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXELON GENERATION LLC and Noble Plc 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 Noble plc are associated (or correlated) with EXELON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXELON GENERATION LLC has no effect on the direction of Noble Plc i.e., Noble Plc and EXELON go up and down completely randomly.
Pair Corralation between Noble Plc and EXELON
Allowing for the 90-day total investment horizon Noble plc is expected to under-perform the EXELON. In addition to that, Noble Plc is 1.65 times more volatile than EXELON GENERATION LLC. It trades about -0.21 of its total potential returns per unit of risk. EXELON GENERATION LLC is currently generating about 0.06 per unit of volatility. If you would invest 9,870 in EXELON GENERATION LLC on September 13, 2024 and sell it today you would earn a total of 133.00 from holding EXELON GENERATION LLC or generate 1.35% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Noble plc vs. EXELON GENERATION LLC
Performance |
| Timeline |
| Noble plc |
| EXELON GENERATION LLC |
Noble Plc and EXELON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Noble Plc and EXELON
The main advantage of trading using opposite Noble Plc and EXELON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Noble Plc position performs unexpectedly, EXELON 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 EXELON will offset losses from the drop in EXELON's long position.| Noble Plc vs. Seadrill Limited | Noble Plc vs. Borr Drilling | Noble Plc vs. Patterson UTI Energy | Noble Plc vs. Transocean |
| EXELON vs. Cannae Holdings | EXELON vs. RCI Hospitality Holdings | EXELON vs. Ark Restaurants Corp | EXELON vs. Rave Restaurant Group |
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 Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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