Correlation Between PGE Corp and Simon Worldwide
Can any of the company-specific risk be diversified away by investing in both PGE Corp and Simon Worldwide 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 PGE Corp and Simon Worldwide into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PGE Corp and Simon Worldwide, you can compare the effects of market volatilities on PGE Corp and Simon Worldwide 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 PGE Corp with a short position of Simon Worldwide. Check out your portfolio center. Please also check ongoing floating volatility patterns of PGE Corp and Simon Worldwide.
Diversification Opportunities for PGE Corp and Simon Worldwide
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PGE and Simon is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PGE Corp and Simon Worldwide in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Simon Worldwide and PGE Corp 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 PGE Corp are associated (or correlated) with Simon Worldwide. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Simon Worldwide has no effect on the direction of PGE Corp i.e., PGE Corp and Simon Worldwide go up and down completely randomly.
Pair Corralation between PGE Corp and Simon Worldwide
If you would invest 1,690 in PGE Corp on September 2, 2024 and sell it today you would earn a total of 473.00 from holding PGE Corp or generate 27.99% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
PGE Corp vs. Simon Worldwide
Performance |
| Timeline |
| PGE Corp |
| Simon Worldwide |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
PGE Corp and Simon Worldwide Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PGE Corp and Simon Worldwide
The main advantage of trading using opposite PGE Corp and Simon Worldwide positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PGE Corp position performs unexpectedly, Simon Worldwide 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 Simon Worldwide will offset losses from the drop in Simon Worldwide's long position.| PGE Corp vs. Consolidated Edison | PGE Corp vs. Southern Company | PGE Corp vs. Entergy | PGE Corp vs. Pinnacle West Capital |
| Simon Worldwide vs. Juniata Valley Financial | Simon Worldwide vs. Broadstone Net Lease | Simon Worldwide vs. AmTrust Financial Services | Simon Worldwide vs. Siriuspoint |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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