Correlation Between Stepan and 929043AK3
Specify exactly 2 symbols:
By analyzing existing cross correlation between Stepan Company and VNO 215 01 JUN 26, you can compare the effects of market volatilities on Stepan and 929043AK3 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 Stepan with a short position of 929043AK3. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stepan and 929043AK3.
Diversification Opportunities for Stepan and 929043AK3
Good diversification
The 3 months correlation between Stepan and 929043AK3 is -0.17. Overlapping area represents the amount of risk that can be diversified away by holding Stepan Company and VNO 215 01 JUN 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VNO 215 01 and Stepan 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 Stepan Company are associated (or correlated) with 929043AK3. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VNO 215 01 has no effect on the direction of Stepan i.e., Stepan and 929043AK3 go up and down completely randomly.
Pair Corralation between Stepan and 929043AK3
Considering the 90-day investment horizon Stepan Company is expected to generate 2.16 times more return on investment than 929043AK3. However, Stepan is 2.16 times more volatile than VNO 215 01 JUN 26. It trades about 0.13 of its potential returns per unit of risk. VNO 215 01 JUN 26 is currently generating about -0.18 per unit of risk. If you would invest 7,252 in Stepan Company on September 2, 2024 and sell it today you would earn a total of 438.00 from holding Stepan Company or generate 6.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.24% |
| Values | Daily Returns |
Stepan Company vs. VNO 215 01 JUN 26
Performance |
| Timeline |
| Stepan Company |
| VNO 215 01 |
Stepan and 929043AK3 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stepan and 929043AK3
The main advantage of trading using opposite Stepan and 929043AK3 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stepan position performs unexpectedly, 929043AK3 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 929043AK3 will offset losses from the drop in 929043AK3's long position.| Stepan vs. Linde plc Ordinary | Stepan vs. Air Products and | Stepan vs. Aquagold International | Stepan vs. Thrivent High Yield |
| 929043AK3 vs. Hudson Pacific Properties | 929043AK3 vs. Academy Sports Outdoors | 929043AK3 vs. Hooker Furniture | 929043AK3 vs. Stepan Company |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
Other Complementary Tools
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |