Correlation Between Patterson UTI and HALLIBURTON
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By analyzing existing cross correlation between Patterson UTI Energy and HALLIBURTON 485 percent, you can compare the effects of market volatilities on Patterson UTI and HALLIBURTON 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 HALLIBURTON. Check out your portfolio center. Please also check ongoing floating volatility patterns of Patterson UTI and HALLIBURTON.
Diversification Opportunities for Patterson UTI and HALLIBURTON
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Patterson and HALLIBURTON is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding Patterson UTI Energy and HALLIBURTON 485 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HALLIBURTON 485 percent 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 HALLIBURTON. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of HALLIBURTON 485 percent has no effect on the direction of Patterson UTI i.e., Patterson UTI and HALLIBURTON go up and down completely randomly.
Pair Corralation between Patterson UTI and HALLIBURTON
Given the investment horizon of 90 days Patterson UTI Energy is expected to under-perform the HALLIBURTON. In addition to that, Patterson UTI is 2.91 times more volatile than HALLIBURTON 485 percent. It trades about -0.03 of its total potential returns per unit of risk. HALLIBURTON 485 percent is currently generating about 0.01 per unit of volatility. If you would invest 9,925 in HALLIBURTON 485 percent on October 7, 2024 and sell it today you would earn a total of 97.00 from holding HALLIBURTON 485 percent or generate 0.98% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 99.4% |
| Values | Daily Returns |
Patterson UTI Energy vs. HALLIBURTON 485 percent
Performance |
| Timeline |
| Patterson UTI Energy |
| HALLIBURTON 485 percent |
Patterson UTI and HALLIBURTON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Patterson UTI and HALLIBURTON
The main advantage of trading using opposite Patterson UTI and HALLIBURTON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Patterson UTI position performs unexpectedly, HALLIBURTON 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 HALLIBURTON will offset losses from the drop in HALLIBURTON's long position.| Patterson UTI vs. Nabors Industries | Patterson UTI vs. Precision Drilling | Patterson UTI vs. Noble plc | Patterson UTI vs. Helmerich and Payne |
| HALLIBURTON vs. Sapiens International | HALLIBURTON vs. Datadog | HALLIBURTON vs. PACCAR Inc | HALLIBURTON vs. NetSol Technologies |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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