Correlation Between NiSource and MQGAU
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By analyzing existing cross correlation between NiSource and MQGAU 6798 18 JAN 33, you can compare the effects of market volatilities on NiSource and MQGAU 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 MQGAU. Check out your portfolio center. Please also check ongoing floating volatility patterns of NiSource and MQGAU.
Diversification Opportunities for NiSource and MQGAU
Pay attention - limited upside
The 3 months correlation between NiSource and MQGAU is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding NiSource and MQGAU 6798 18 JAN 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MQGAU 6798 18 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 MQGAU. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MQGAU 6798 18 has no effect on the direction of NiSource i.e., NiSource and MQGAU go up and down completely randomly.
Pair Corralation between NiSource and MQGAU
If you would invest 2,577 in NiSource on September 13, 2024 and sell it today you would earn a total of 1,084 from holding NiSource or generate 42.06% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.2% |
| Values | Daily Returns |
NiSource vs. MQGAU 6798 18 JAN 33
Performance |
| Timeline |
| NiSource |
| MQGAU 6798 18 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
NiSource and MQGAU Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NiSource and MQGAU
The main advantage of trading using opposite NiSource and MQGAU positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NiSource position performs unexpectedly, MQGAU 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 MQGAU will offset losses from the drop in MQGAU's long position.| NiSource vs. NewJersey Resources | NiSource vs. Northwest Natural Gas | NiSource vs. Spire Inc | NiSource vs. Chesapeake Utilities |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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