Correlation Between Southern Cross and San Leon
Can any of the company-specific risk be diversified away by investing in both Southern Cross and San Leon 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 Southern Cross and San Leon into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Southern Cross Media and San Leon Energy, you can compare the effects of market volatilities on Southern Cross and San Leon 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 Southern Cross with a short position of San Leon. Check out your portfolio center. Please also check ongoing floating volatility patterns of Southern Cross and San Leon.
Diversification Opportunities for Southern Cross and San Leon
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Southern and San is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Southern Cross Media and San Leon Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on San Leon Energy and Southern Cross 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 Southern Cross Media are associated (or correlated) with San Leon. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of San Leon Energy has no effect on the direction of Southern Cross i.e., Southern Cross and San Leon go up and down completely randomly.
Pair Corralation between Southern Cross and San Leon
If you would invest 9.73 in Southern Cross Media on November 3, 2024 and sell it today you would earn a total of 1.27 from holding Southern Cross Media or generate 13.05% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 91.3% |
| Values | Daily Returns |
Southern Cross Media vs. San Leon Energy
Performance |
| Timeline |
| Southern Cross Media |
| San Leon Energy |
Southern Cross and San Leon Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Southern Cross and San Leon
The main advantage of trading using opposite Southern Cross and San Leon positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Southern Cross position performs unexpectedly, San Leon 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 San Leon will offset losses from the drop in San Leon's long position.| Southern Cross vs. Pieridae Energy Limited | Southern Cross vs. Prospera Energy | Southern Cross vs. Ngx Energy International | Southern Cross vs. Barrister Energy LLC |
| San Leon vs. Horizon Oil Limited | San Leon vs. PetroShale | San Leon vs. Enwell Energy plc | San Leon vs. Tullow Oil plc |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
Other Complementary Tools
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites |