Correlation Between San Leon and Kiwetinohk Energy
Can any of the company-specific risk be diversified away by investing in both San Leon and Kiwetinohk Energy 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 Kiwetinohk Energy 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 Kiwetinohk Energy Corp, you can compare the effects of market volatilities on San Leon and Kiwetinohk Energy 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 Kiwetinohk Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of San Leon and Kiwetinohk Energy.
Diversification Opportunities for San Leon and Kiwetinohk Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between San and Kiwetinohk is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding San Leon Energy and Kiwetinohk Energy Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Kiwetinohk Energy 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 Kiwetinohk Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Kiwetinohk Energy Corp has no effect on the direction of San Leon i.e., San Leon and Kiwetinohk Energy go up and down completely randomly.
Pair Corralation between San Leon and Kiwetinohk Energy
If you would invest 1,117 in Kiwetinohk Energy Corp on November 3, 2024 and sell it today you would earn a total of 63.00 from holding Kiwetinohk Energy Corp or generate 5.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 91.3% |
| Values | Daily Returns |
San Leon Energy vs. Kiwetinohk Energy Corp
Performance |
| Timeline |
| San Leon Energy |
| Kiwetinohk Energy Corp |
San Leon and Kiwetinohk Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with San Leon and Kiwetinohk Energy
The main advantage of trading using opposite San Leon and Kiwetinohk Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if San Leon position performs unexpectedly, Kiwetinohk Energy 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 Kiwetinohk Energy will offset losses from the drop in Kiwetinohk Energy's long position.| San Leon vs. Horizon Oil Limited | San Leon vs. PetroShale | San Leon vs. Enwell Energy plc | San Leon vs. Tullow Oil plc |
| Kiwetinohk Energy vs. Cheetah Mobile | Kiwetinohk Energy vs. TrueCar | Kiwetinohk Energy vs. Prosus NV ADR | Kiwetinohk Energy vs. MediaAlpha |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
Other Complementary Tools
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios |