Correlation Between PayPal Holdings and HALLIBURTON
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By analyzing existing cross correlation between PayPal Holdings and HALLIBURTON 745 percent, you can compare the effects of market volatilities on PayPal Holdings 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 PayPal Holdings with a short position of HALLIBURTON. Check out your portfolio center. Please also check ongoing floating volatility patterns of PayPal Holdings and HALLIBURTON.
Diversification Opportunities for PayPal Holdings and HALLIBURTON
-0.62 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between PayPal and HALLIBURTON is -0.62. Overlapping area represents the amount of risk that can be diversified away by holding PayPal Holdings and HALLIBURTON 745 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on HALLIBURTON 745 percent and PayPal Holdings 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 PayPal Holdings 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 745 percent has no effect on the direction of PayPal Holdings i.e., PayPal Holdings and HALLIBURTON go up and down completely randomly.
Pair Corralation between PayPal Holdings and HALLIBURTON
Given the investment horizon of 90 days PayPal Holdings is expected to generate 0.97 times more return on investment than HALLIBURTON. However, PayPal Holdings is 1.03 times less risky than HALLIBURTON. It trades about 0.2 of its potential returns per unit of risk. HALLIBURTON 745 percent is currently generating about 0.07 per unit of risk. If you would invest 8,028 in PayPal Holdings on August 30, 2024 and sell it today you would earn a total of 629.00 from holding PayPal Holdings or generate 7.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.65% |
| Values | Daily Returns |
PayPal Holdings vs. HALLIBURTON 745 percent
Performance |
| Timeline |
| PayPal Holdings |
| HALLIBURTON 745 percent |
PayPal Holdings and HALLIBURTON Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PayPal Holdings and HALLIBURTON
The main advantage of trading using opposite PayPal Holdings and HALLIBURTON positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PayPal Holdings 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.| PayPal Holdings vs. SoFi Technologies | PayPal Holdings vs. Visa Class A | PayPal Holdings vs. Mastercard | PayPal Holdings vs. Capital One Financial |
| HALLIBURTON vs. VirnetX Holding Corp | HALLIBURTON vs. Kinetik Holdings | HALLIBURTON vs. Qualys Inc | HALLIBURTON vs. WEC Energy Group |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
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