Correlation Between Patterson UTI and 19123MAF0
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By analyzing existing cross correlation between Patterson UTI Energy and CCEP 15 15 JAN 27, you can compare the effects of market volatilities on Patterson UTI and 19123MAF0 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 Patterson UTI with a short position of 19123MAF0. Check out your portfolio center. Please also check ongoing floating volatility patterns of Patterson UTI and 19123MAF0.
Diversification Opportunities for Patterson UTI and 19123MAF0
-0.16 | Correlation Coefficient |
Good diversification
The 3 months correlation between Patterson and 19123MAF0 is -0.16. Overlapping area represents the amount of risk that can be diversified away by holding Patterson UTI Energy and CCEP 15 15 JAN 27 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CCEP 15 15 and Patterson UTI 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 Patterson UTI Energy are associated (or correlated) with 19123MAF0. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CCEP 15 15 has no effect on the direction of Patterson UTI i.e., Patterson UTI and 19123MAF0 go up and down completely randomly.
Pair Corralation between Patterson UTI and 19123MAF0
Given the investment horizon of 90 days Patterson UTI Energy is expected to generate 2.84 times more return on investment than 19123MAF0. However, Patterson UTI is 2.84 times more volatile than CCEP 15 15 JAN 27. It trades about 0.14 of its potential returns per unit of risk. CCEP 15 15 JAN 27 is currently generating about -0.31 per unit of risk. If you would invest 754.00 in Patterson UTI Energy on September 5, 2024 and sell it today you would earn a total of 66.00 from holding Patterson UTI Energy or generate 8.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 40.91% |
| Values | Daily Returns |
Patterson UTI Energy vs. CCEP 15 15 JAN 27
Performance |
| Timeline |
| Patterson UTI Energy |
| CCEP 15 15 |
Patterson UTI and 19123MAF0 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Patterson UTI and 19123MAF0
The main advantage of trading using opposite Patterson UTI and 19123MAF0 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Patterson UTI position performs unexpectedly, 19123MAF0 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 19123MAF0 will offset losses from the drop in 19123MAF0's long position.| Patterson UTI vs. Nabors Industries | Patterson UTI vs. Precision Drilling | Patterson UTI vs. Noble plc | Patterson UTI vs. Helmerich and Payne |
| 19123MAF0 vs. Patterson UTI Energy | 19123MAF0 vs. Integrated Drilling Equipment | 19123MAF0 vs. enVVeno Medical Corp | 19123MAF0 vs. SunLink Health Systems |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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