Correlation Between Planet Fitness and CONOCOPHILLIPS
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By analyzing existing cross correlation between Planet Fitness and CONOCOPHILLIPS 415 percent, you can compare the effects of market volatilities on Planet Fitness and CONOCOPHILLIPS 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 Planet Fitness with a short position of CONOCOPHILLIPS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Planet Fitness and CONOCOPHILLIPS.
Diversification Opportunities for Planet Fitness and CONOCOPHILLIPS
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Planet and CONOCOPHILLIPS is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Planet Fitness and CONOCOPHILLIPS 415 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONOCOPHILLIPS 415 and Planet Fitness 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 Planet Fitness are associated (or correlated) with CONOCOPHILLIPS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONOCOPHILLIPS 415 has no effect on the direction of Planet Fitness i.e., Planet Fitness and CONOCOPHILLIPS go up and down completely randomly.
Pair Corralation between Planet Fitness and CONOCOPHILLIPS
Given the investment horizon of 90 days Planet Fitness is expected to generate 34.4 times less return on investment than CONOCOPHILLIPS. But when comparing it to its historical volatility, Planet Fitness is 24.46 times less risky than CONOCOPHILLIPS. It trades about 0.03 of its potential returns per unit of risk. CONOCOPHILLIPS 415 percent is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 9,028 in CONOCOPHILLIPS 415 percent on September 3, 2024 and sell it today you would earn a total of 504.00 from holding CONOCOPHILLIPS 415 percent or generate 5.58% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 70.71% |
| Values | Daily Returns |
Planet Fitness vs. CONOCOPHILLIPS 415 percent
Performance |
| Timeline |
| Planet Fitness |
| CONOCOPHILLIPS 415 |
Planet Fitness and CONOCOPHILLIPS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Planet Fitness and CONOCOPHILLIPS
The main advantage of trading using opposite Planet Fitness and CONOCOPHILLIPS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Planet Fitness position performs unexpectedly, CONOCOPHILLIPS 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 CONOCOPHILLIPS will offset losses from the drop in CONOCOPHILLIPS's long position.| Planet Fitness vs. Life Time Group | Planet Fitness vs. Bowlero Corp | Planet Fitness vs. JAKKS Pacific | Planet Fitness vs. Six Flags Entertainment |
| CONOCOPHILLIPS vs. The Travelers Companies | CONOCOPHILLIPS vs. GE Aerospace | CONOCOPHILLIPS vs. Walmart | CONOCOPHILLIPS vs. Pfizer Inc |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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