Correlation Between Whitecap Resources and Crew Energy
Can any of the company-specific risk be diversified away by investing in both Whitecap Resources and Crew 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 Whitecap Resources and Crew Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Whitecap Resources and Crew Energy, you can compare the effects of market volatilities on Whitecap Resources and Crew 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 Whitecap Resources with a short position of Crew Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Whitecap Resources and Crew Energy.
Diversification Opportunities for Whitecap Resources and Crew Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Whitecap and Crew is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Whitecap Resources and Crew Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Crew Energy and Whitecap Resources 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 Whitecap Resources are associated (or correlated) with Crew Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Crew Energy has no effect on the direction of Whitecap Resources i.e., Whitecap Resources and Crew Energy go up and down completely randomly.
Pair Corralation between Whitecap Resources and Crew Energy
If you would invest 677.00 in Whitecap Resources on November 27, 2024 and sell it today you would earn a total of 22.00 from holding Whitecap Resources or generate 3.25% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Whitecap Resources vs. Crew Energy
Performance |
| Timeline |
| Whitecap Resources |
| Crew Energy |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Whitecap Resources and Crew Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Whitecap Resources and Crew Energy
The main advantage of trading using opposite Whitecap Resources and Crew Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Whitecap Resources position performs unexpectedly, Crew 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 Crew Energy will offset losses from the drop in Crew Energy's long position.| Whitecap Resources vs. Athabasca Oil Corp | Whitecap Resources vs. Headwater Exploration | Whitecap Resources vs. Tamarack Valley Energy | Whitecap Resources vs. Birchcliff Energy |
| Crew Energy vs. Surge Energy | Crew Energy vs. Athabasca Oil Corp | Crew Energy vs. Birchcliff Energy | Crew Energy vs. Tamarack Valley Energy |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data |