Correlation Between PGE Corp and ATMOS
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By analyzing existing cross correlation between PGE Corp and ATMOS ENERGY P, you can compare the effects of market volatilities on PGE Corp and ATMOS 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 ATMOS. Check out your portfolio center. Please also check ongoing floating volatility patterns of PGE Corp and ATMOS.
Diversification Opportunities for PGE Corp and ATMOS
Pay attention - limited upside
The 3 months correlation between PGE and ATMOS is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding PGE Corp and ATMOS ENERGY P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ATMOS ENERGY P 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 ATMOS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ATMOS ENERGY P has no effect on the direction of PGE Corp i.e., PGE Corp and ATMOS go up and down completely randomly.
Pair Corralation between PGE Corp and ATMOS
Considering the 90-day investment horizon PGE Corp is expected to generate 1.34 times more return on investment than ATMOS. However, PGE Corp is 1.34 times more volatile than ATMOS ENERGY P. It trades about 0.17 of its potential returns per unit of risk. ATMOS ENERGY P is currently generating about -0.24 per unit of risk. If you would invest 2,051 in PGE Corp on August 27, 2024 and sell it today you would earn a total of 68.00 from holding PGE Corp or generate 3.32% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.24% |
| Values | Daily Returns |
PGE Corp vs. ATMOS ENERGY P
Performance |
| Timeline |
| PGE Corp |
| ATMOS ENERGY P |
PGE Corp and ATMOS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PGE Corp and ATMOS
The main advantage of trading using opposite PGE Corp and ATMOS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PGE Corp position performs unexpectedly, ATMOS 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 ATMOS will offset losses from the drop in ATMOS's long position.| PGE Corp vs. Consolidated Edison | PGE Corp vs. Southern Company | PGE Corp vs. Entergy | PGE Corp vs. Pinnacle West Capital |
| ATMOS vs. AEP TEX INC | ATMOS vs. US BANK NATIONAL | ATMOS vs. Dupont De Nemours | ATMOS vs. The Travelers Companies |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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