Correlation Between SatixFy Communications and ENERGY

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Can any of the company-specific risk be diversified away by investing in both SatixFy Communications and ENERGY at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining SatixFy Communications and ENERGY into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SatixFy Communications and ENERGY TRANSFER PARTNERS, you can compare the effects of market volatilities on SatixFy Communications and ENERGY 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 SatixFy Communications with a short position of ENERGY. Check out your portfolio center. Please also check ongoing floating volatility patterns of SatixFy Communications and ENERGY.

Diversification Opportunities for SatixFy Communications and ENERGY

-0.38
  Correlation Coefficient

Very good diversification

The 3 months correlation between SatixFy and ENERGY is -0.38. Overlapping area represents the amount of risk that can be diversified away by holding SatixFy Communications and ENERGY TRANSFER PARTNERS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENERGY TRANSFER PARTNERS and SatixFy Communications 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 SatixFy Communications are associated (or correlated) with ENERGY. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENERGY TRANSFER PARTNERS has no effect on the direction of SatixFy Communications i.e., SatixFy Communications and ENERGY go up and down completely randomly.

Pair Corralation between SatixFy Communications and ENERGY

If you would invest  122.00  in SatixFy Communications on October 20, 2024 and sell it today you would earn a total of  20.00  from holding SatixFy Communications or generate 16.39% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy5.0%
ValuesDaily Returns

SatixFy Communications  vs.  ENERGY TRANSFER PARTNERS

 Performance 
       Timeline  
SatixFy Communications 

Risk-Adjusted Performance

13 of 100

 
Weak
 
Strong
Good
Compared to the overall equity markets, risk-adjusted returns on investments in SatixFy Communications are ranked lower than 13 (%) of all global equities and portfolios over the last 90 days. In spite of fairly uncertain basic indicators, SatixFy Communications showed solid returns over the last few months and may actually be approaching a breakup point.
ENERGY TRANSFER PARTNERS 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days ENERGY TRANSFER PARTNERS has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, ENERGY is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

SatixFy Communications and ENERGY Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with SatixFy Communications and ENERGY

The main advantage of trading using opposite SatixFy Communications and ENERGY positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SatixFy Communications position performs unexpectedly, ENERGY 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 ENERGY will offset losses from the drop in ENERGY's long position.
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The idea behind SatixFy Communications and ENERGY TRANSFER PARTNERS pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Fundamental Analysis module to view fundamental data based on most recent published financial statements.

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