Correlation Between Holding Burstil and Enel Generacin
Specify exactly 2 symbols:
By analyzing existing cross correlation between Holding Burstil Regional and Enel Generacin Chile, you can compare the effects of market volatilities on Holding Burstil and Enel Generacin 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 Holding Burstil with a short position of Enel Generacin. Check out your portfolio center. Please also check ongoing floating volatility patterns of Holding Burstil and Enel Generacin.
Diversification Opportunities for Holding Burstil and Enel Generacin
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Holding and Enel is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Holding Burstil Regional and Enel Generacin Chile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enel Generacin Chile and Holding Burstil 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 Holding Burstil Regional are associated (or correlated) with Enel Generacin. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enel Generacin Chile has no effect on the direction of Holding Burstil i.e., Holding Burstil and Enel Generacin go up and down completely randomly.
Pair Corralation between Holding Burstil and Enel Generacin
Assuming the 90 days trading horizon Holding Burstil Regional is expected to under-perform the Enel Generacin. In addition to that, Holding Burstil is 1.5 times more volatile than Enel Generacin Chile. It trades about -0.02 of its total potential returns per unit of risk. Enel Generacin Chile is currently generating about 0.12 per unit of volatility. If you would invest 27,669 in Enel Generacin Chile on September 14, 2024 and sell it today you would earn a total of 9,799 from holding Enel Generacin Chile or generate 35.42% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 95.51% |
| Values | Daily Returns |
Holding Burstil Regional vs. Enel Generacin Chile
Performance |
| Timeline |
| Holding Burstil Regional |
| Enel Generacin Chile |
Holding Burstil and Enel Generacin Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Holding Burstil and Enel Generacin
The main advantage of trading using opposite Holding Burstil and Enel Generacin positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Holding Burstil position performs unexpectedly, Enel Generacin 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 Enel Generacin will offset losses from the drop in Enel Generacin's long position.| Holding Burstil vs. Aguas Andinas SA | Holding Burstil vs. Parq Arauco | Holding Burstil vs. Enel Generacin Chile | Holding Burstil vs. Sociedad Matriz SAAM |
| Enel Generacin vs. LATAM Airlines Group | Enel Generacin vs. Multiexport Foods SA | Enel Generacin vs. Banco de Credito |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
Other Complementary Tools
| Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |