Correlation Between One Gas and AMERICAN
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By analyzing existing cross correlation between One Gas and AMERICAN EXPRESS PANY, you can compare the effects of market volatilities on One Gas and AMERICAN 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 One Gas with a short position of AMERICAN. Check out your portfolio center. Please also check ongoing floating volatility patterns of One Gas and AMERICAN.
Diversification Opportunities for One Gas and AMERICAN
Good diversification
The 3 months correlation between One and AMERICAN is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding One Gas and AMERICAN EXPRESS PANY in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMERICAN EXPRESS PANY and One Gas 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 One Gas are associated (or correlated) with AMERICAN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMERICAN EXPRESS PANY has no effect on the direction of One Gas i.e., One Gas and AMERICAN go up and down completely randomly.
Pair Corralation between One Gas and AMERICAN
Considering the 90-day investment horizon One Gas is expected to generate 4.56 times more return on investment than AMERICAN. However, One Gas is 4.56 times more volatile than AMERICAN EXPRESS PANY. It trades about 0.02 of its potential returns per unit of risk. AMERICAN EXPRESS PANY is currently generating about -0.09 per unit of risk. If you would invest 7,055 in One Gas on September 12, 2024 and sell it today you would earn a total of 60.00 from holding One Gas or generate 0.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.31% |
| Values | Daily Returns |
One Gas vs. AMERICAN EXPRESS PANY
Performance |
| Timeline |
| One Gas |
| AMERICAN EXPRESS PANY |
One Gas and AMERICAN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with One Gas and AMERICAN
The main advantage of trading using opposite One Gas and AMERICAN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if One Gas position performs unexpectedly, AMERICAN 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 AMERICAN will offset losses from the drop in AMERICAN's long position.| One Gas vs. Northwest Natural Gas | One Gas vs. Chesapeake Utilities | One Gas vs. NewJersey Resources | One Gas vs. RGC Resources |
| AMERICAN vs. RBC Bearings Incorporated | AMERICAN vs. Kontoor Brands | AMERICAN vs. Jeld Wen Holding | AMERICAN vs. Tyson Foods |
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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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