Correlation Between Seanergy Maritime and CPLP Old
Can any of the company-specific risk be diversified away by investing in both Seanergy Maritime and CPLP 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 Seanergy Maritime and CPLP Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Seanergy Maritime Holdings and CPLP Old, you can compare the effects of market volatilities on Seanergy Maritime and CPLP 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 Seanergy Maritime with a short position of CPLP Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of Seanergy Maritime and CPLP Old.
Diversification Opportunities for Seanergy Maritime and CPLP Old
0.25 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Seanergy and CPLP is 0.25. Overlapping area represents the amount of risk that can be diversified away by holding Seanergy Maritime Holdings and CPLP Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CPLP Old and Seanergy Maritime 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 Seanergy Maritime Holdings are associated (or correlated) with CPLP Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CPLP Old has no effect on the direction of Seanergy Maritime i.e., Seanergy Maritime and CPLP Old go up and down completely randomly.
Pair Corralation between Seanergy Maritime and CPLP Old
If you would invest (100.00) in CPLP Old on November 2, 2024 and sell it today you would earn a total of 100.00 from holding CPLP Old or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
Seanergy Maritime Holdings vs. CPLP Old
Performance |
| Timeline |
| Seanergy Maritime |
| CPLP Old |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Seanergy Maritime and CPLP Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Seanergy Maritime and CPLP Old
The main advantage of trading using opposite Seanergy Maritime and CPLP Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Seanergy Maritime position performs unexpectedly, CPLP 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 CPLP Old will offset losses from the drop in CPLP Old's long position.| Seanergy Maritime vs. TOP Ships | Seanergy Maritime vs. Euroseas | Seanergy Maritime vs. Pyxis Tankers | Seanergy Maritime vs. Cool Company |
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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