Correlation Between SilverBow Resources and CPG Old
Can any of the company-specific risk be diversified away by investing in both SilverBow Resources and CPG Old 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 SilverBow Resources and CPG Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SilverBow Resources and CPG Old, you can compare the effects of market volatilities on SilverBow Resources and CPG Old 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 SilverBow Resources with a short position of CPG Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of SilverBow Resources and CPG Old.
Diversification Opportunities for SilverBow Resources and CPG Old
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SilverBow and CPG is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SilverBow Resources and CPG Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CPG Old and SilverBow Resources 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 SilverBow Resources are associated (or correlated) with CPG Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CPG Old has no effect on the direction of SilverBow Resources i.e., SilverBow Resources and CPG Old go up and down completely randomly.
Pair Corralation between SilverBow Resources and CPG Old
If you would invest (100.00) in CPG Old on November 9, 2024 and sell it today you would earn a total of 100.00 from holding CPG Old or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
SilverBow Resources vs. CPG Old
Performance |
| Timeline |
| SilverBow Resources |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| CPG Old |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
SilverBow Resources and CPG Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SilverBow Resources and CPG Old
The main advantage of trading using opposite SilverBow Resources and CPG Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SilverBow Resources position performs unexpectedly, CPG Old 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 CPG Old will offset losses from the drop in CPG Old's long position.| SilverBow Resources vs. Vital Energy | SilverBow Resources vs. Permian Resources | SilverBow Resources vs. Magnolia Oil Gas | SilverBow Resources vs. Ring Energy |
| CPG Old vs. Vermilion Energy | CPG Old vs. Canadian Natural Resources | CPG Old vs. Baytex Energy Corp | CPG Old vs. Ovintiv |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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