Correlation Between One Gas and HERSHEY
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By analyzing existing cross correlation between One Gas and HERSHEY 72 percent, you can compare the effects of market volatilities on One Gas and HERSHEY 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 HERSHEY. Check out your portfolio center. Please also check ongoing floating volatility patterns of One Gas and HERSHEY.
Diversification Opportunities for One Gas and HERSHEY
Modest diversification
The 3 months correlation between One and HERSHEY is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding One Gas and HERSHEY 72 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HERSHEY 72 percent 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 HERSHEY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HERSHEY 72 percent has no effect on the direction of One Gas i.e., One Gas and HERSHEY go up and down completely randomly.
Pair Corralation between One Gas and HERSHEY
Considering the 90-day investment horizon One Gas is expected to generate 1.25 times more return on investment than HERSHEY. However, One Gas is 1.25 times more volatile than HERSHEY 72 percent. It trades about 0.18 of its potential returns per unit of risk. HERSHEY 72 percent is currently generating about 0.05 per unit of risk. If you would invest 6,032 in One Gas on September 3, 2024 and sell it today you would earn a total of 1,765 from holding One Gas or generate 29.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 52.8% |
| Values | Daily Returns |
One Gas vs. HERSHEY 72 percent
Performance |
| Timeline |
| One Gas |
| HERSHEY 72 percent |
One Gas and HERSHEY Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with One Gas and HERSHEY
The main advantage of trading using opposite One Gas and HERSHEY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if One Gas position performs unexpectedly, HERSHEY 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 HERSHEY will offset losses from the drop in HERSHEY's long position.| One Gas vs. Northwest Natural Gas | One Gas vs. Chesapeake Utilities | One Gas vs. NewJersey Resources | One Gas vs. RGC Resources |
| HERSHEY vs. Axalta Coating Systems | HERSHEY vs. Balchem | HERSHEY vs. One Gas | HERSHEY vs. Air Products and |
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 Sectors module to list of equity sectors categorizing publicly traded companies based on their primary business activities.
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