Correlation Between NiSource and GLENLN
Specify exactly 2 symbols:
By analyzing existing cross correlation between NiSource and GLENLN 1625 27 APR 26, you can compare the effects of market volatilities on NiSource and GLENLN 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 NiSource with a short position of GLENLN. Check out your portfolio center. Please also check ongoing floating volatility patterns of NiSource and GLENLN.
Diversification Opportunities for NiSource and GLENLN
Very good diversification
The 3 months correlation between NiSource and GLENLN is -0.24. Overlapping area represents the amount of risk that can be diversified away by holding NiSource and GLENLN 1625 27 APR 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GLENLN 1625 27 and NiSource 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 NiSource are associated (or correlated) with GLENLN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GLENLN 1625 27 has no effect on the direction of NiSource i.e., NiSource and GLENLN go up and down completely randomly.
Pair Corralation between NiSource and GLENLN
Allowing for the 90-day total investment horizon NiSource is expected to generate 1.55 times more return on investment than GLENLN. However, NiSource is 1.55 times more volatile than GLENLN 1625 27 APR 26. It trades about 0.16 of its potential returns per unit of risk. GLENLN 1625 27 APR 26 is currently generating about 0.02 per unit of risk. If you would invest 2,542 in NiSource on September 4, 2024 and sell it today you would earn a total of 1,164 from holding NiSource or generate 45.79% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 68.42% |
| Values | Daily Returns |
NiSource vs. GLENLN 1625 27 APR 26
Performance |
| Timeline |
| NiSource |
| GLENLN 1625 27 |
NiSource and GLENLN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NiSource and GLENLN
The main advantage of trading using opposite NiSource and GLENLN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NiSource position performs unexpectedly, GLENLN 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 GLENLN will offset losses from the drop in GLENLN's long position.| NiSource vs. NewJersey Resources | NiSource vs. Northwest Natural Gas | NiSource vs. UGI Corporation | NiSource vs. Spire Inc |
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 Efficient Frontier module to plot and analyze your portfolio and positions against risk-return landscape of the market..
Other Complementary Tools
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Equity Valuation Check real value of public entities based on technical and fundamental data |