Correlation Between Orca Energy and Greenfire Resources
Can any of the company-specific risk be diversified away by investing in both Orca Energy and Greenfire Resources at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Orca Energy and Greenfire Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Orca Energy Group and Greenfire Resources, you can compare the effects of market volatilities on Orca Energy and Greenfire Resources 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 Orca Energy with a short position of Greenfire Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Orca Energy and Greenfire Resources.
Diversification Opportunities for Orca Energy and Greenfire Resources
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Orca and Greenfire is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Orca Energy Group and Greenfire Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greenfire Resources and Orca Energy 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 Orca Energy Group are associated (or correlated) with Greenfire Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greenfire Resources has no effect on the direction of Orca Energy i.e., Orca Energy and Greenfire Resources go up and down completely randomly.
Pair Corralation between Orca Energy and Greenfire Resources
If you would invest 980.00 in Greenfire Resources on September 2, 2024 and sell it today you would earn a total of 42.00 from holding Greenfire Resources or generate 4.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Orca Energy Group vs. Greenfire Resources
Performance |
| Timeline |
| Orca Energy Group |
| Greenfire Resources |
Orca Energy and Greenfire Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Orca Energy and Greenfire Resources
The main advantage of trading using opposite Orca Energy and Greenfire Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Orca Energy position performs unexpectedly, Greenfire Resources 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 Greenfire Resources will offset losses from the drop in Greenfire Resources' long position.| Orca Energy vs. Definity Financial Corp | Orca Energy vs. iA Financial | Orca Energy vs. AGF Management Limited | Orca Energy vs. Highwood Asset Management |
| Greenfire Resources vs. Canadian Natural Resources | Greenfire Resources vs. Tourmaline Oil Corp | Greenfire Resources vs. Ovintiv | Greenfire Resources vs. ARC Resources |
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 Pattern Recognition module to use different Pattern Recognition models to time the market across multiple global exchanges.
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