Correlation Between SBM Offshore and 26442CBJ2
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By analyzing existing cross correlation between SBM Offshore NV and DUK 495 15 JAN 33, you can compare the effects of market volatilities on SBM Offshore and 26442CBJ2 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 SBM Offshore with a short position of 26442CBJ2. Check out your portfolio center. Please also check ongoing floating volatility patterns of SBM Offshore and 26442CBJ2.
Diversification Opportunities for SBM Offshore and 26442CBJ2
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SBM and 26442CBJ2 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SBM Offshore NV and DUK 495 15 JAN 33 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on DUK 495 15 and SBM Offshore 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 SBM Offshore NV are associated (or correlated) with 26442CBJ2. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of DUK 495 15 has no effect on the direction of SBM Offshore i.e., SBM Offshore and 26442CBJ2 go up and down completely randomly.
Pair Corralation between SBM Offshore and 26442CBJ2
If you would invest (100.00) in DUK 495 15 JAN 33 on September 13, 2024 and sell it today you would earn a total of 100.00 from holding DUK 495 15 JAN 33 or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
SBM Offshore NV vs. DUK 495 15 JAN 33
Performance |
| Timeline |
| SBM Offshore NV |
| DUK 495 15 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SBM Offshore and 26442CBJ2 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SBM Offshore and 26442CBJ2
The main advantage of trading using opposite SBM Offshore and 26442CBJ2 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SBM Offshore position performs unexpectedly, 26442CBJ2 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 26442CBJ2 will offset losses from the drop in 26442CBJ2's long position.| SBM Offshore vs. Worley Parsons | SBM Offshore vs. Saipem SpA | SBM Offshore vs. SMG Industries | SBM Offshore vs. Aquagold International |
| 26442CBJ2 vs. BioNTech SE | 26442CBJ2 vs. Weibo Corp | 26442CBJ2 vs. Sellas Life Sciences | 26442CBJ2 vs. WiMi Hologram Cloud |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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