Correlation Between Neogen and SOUTHERN
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By analyzing existing cross correlation between Neogen and SOUTHERN CALIF GAS, you can compare the effects of market volatilities on Neogen 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 Neogen with a short position of SOUTHERN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Neogen and SOUTHERN.
Diversification Opportunities for Neogen and SOUTHERN
Modest diversification
The 3 months correlation between Neogen and SOUTHERN is 0.29. Overlapping area represents the amount of risk that can be diversified away by holding Neogen and SOUTHERN CALIF GAS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SOUTHERN CALIF GAS and Neogen 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 Neogen 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 GAS has no effect on the direction of Neogen i.e., Neogen and SOUTHERN go up and down completely randomly.
Pair Corralation between Neogen and SOUTHERN
Given the investment horizon of 90 days Neogen is expected to generate 802.66 times less return on investment than SOUTHERN. But when comparing it to its historical volatility, Neogen is 34.28 times less risky than SOUTHERN. It trades about 0.0 of its potential returns per unit of risk. SOUTHERN CALIF GAS is currently generating about 0.08 of returns per unit of risk over similar time horizon. If you would invest 9,304 in SOUTHERN CALIF GAS on September 12, 2024 and sell it today you would earn a total of 67.00 from holding SOUTHERN CALIF GAS or generate 0.72% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 73.13% |
| Values | Daily Returns |
Neogen vs. SOUTHERN CALIF GAS
Performance |
| Timeline |
| Neogen |
| SOUTHERN CALIF GAS |
Neogen and SOUTHERN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Neogen and SOUTHERN
The main advantage of trading using opposite Neogen and SOUTHERN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Neogen 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.| Neogen vs. Qiagen NV | Neogen vs. Aclaris Therapeutics | Neogen vs. IQVIA Holdings | Neogen vs. Medpace Holdings |
| SOUTHERN vs. Viemed Healthcare | SOUTHERN vs. Inflection Point Acquisition | SOUTHERN vs. Neogen | SOUTHERN vs. Hurco Companies |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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