Correlation Between NiSource and SYSCO
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By analyzing existing cross correlation between NiSource and SYSCO P 445, you can compare the effects of market volatilities on NiSource and SYSCO 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 SYSCO. Check out your portfolio center. Please also check ongoing floating volatility patterns of NiSource and SYSCO.
Diversification Opportunities for NiSource and SYSCO
Good diversification
The 3 months correlation between NiSource and SYSCO is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding NiSource and SYSCO P 445 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SYSCO P 445 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 SYSCO. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SYSCO P 445 has no effect on the direction of NiSource i.e., NiSource and SYSCO go up and down completely randomly.
Pair Corralation between NiSource and SYSCO
Allowing for the 90-day total investment horizon NiSource is expected to generate 1.07 times more return on investment than SYSCO. However, NiSource is 1.07 times more volatile than SYSCO P 445. It trades about 0.51 of its potential returns per unit of risk. SYSCO P 445 is currently generating about -0.12 per unit of risk. If you would invest 3,611 in NiSource on November 27, 2024 and sell it today you would earn a total of 382.00 from holding NiSource or generate 10.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 65.0% |
| Values | Daily Returns |
NiSource vs. SYSCO P 445
Performance |
| Timeline |
| NiSource |
| SYSCO P 445 |
NiSource and SYSCO Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with NiSource and SYSCO
The main advantage of trading using opposite NiSource and SYSCO positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if NiSource position performs unexpectedly, SYSCO 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 SYSCO will offset losses from the drop in SYSCO's long position.| NiSource vs. NewJersey Resources | NiSource vs. Northwest Natural Gas | NiSource vs. UGI Corporation | NiSource vs. Spire Inc |
| SYSCO vs. Noble plc | SYSCO vs. Universal Music Group | SYSCO vs. Iridium Communications | SYSCO vs. Zoom Video Communications |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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