Correlation Between San Leon and CNX Resources

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Can any of the company-specific risk be diversified away by investing in both San Leon and CNX Resources 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 San Leon and CNX Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between San Leon Energy and CNX Resources Corp, you can compare the effects of market volatilities on San Leon and CNX Resources 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 San Leon with a short position of CNX Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of San Leon and CNX Resources.

Diversification Opportunities for San Leon and CNX Resources

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between San and CNX is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding San Leon Energy and CNX Resources Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CNX Resources Corp and San Leon 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 San Leon Energy are associated (or correlated) with CNX Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CNX Resources Corp has no effect on the direction of San Leon i.e., San Leon and CNX Resources go up and down completely randomly.

Pair Corralation between San Leon and CNX Resources

If you would invest  30.00  in San Leon Energy on October 24, 2024 and sell it today you would earn a total of  0.00  from holding San Leon Energy or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy85.71%
ValuesDaily Returns

San Leon Energy  vs.  CNX Resources Corp

 Performance 
       Timeline  
San Leon Energy 

Risk-Adjusted Performance

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Over the last 90 days San Leon Energy has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, San Leon is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.
CNX Resources Corp 

Risk-Adjusted Performance

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Weak
 
Strong
Very Weak
Over the last 90 days CNX Resources Corp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unfluctuating performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in February 2025. The current disturbance may also be a sign of long term up-swing for the company investors.

San Leon and CNX Resources Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with San Leon and CNX Resources

The main advantage of trading using opposite San Leon and CNX Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if San Leon position performs unexpectedly, CNX Resources 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 CNX Resources will offset losses from the drop in CNX Resources' long position.
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The idea behind San Leon Energy and CNX Resources Corp 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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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 Channel module to use Commodity Channel Index to analyze current equity momentum.

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