Correlation Between Suburban Propane and Nasdaq CTA
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By analyzing existing cross correlation between Suburban Propane Partners and Nasdaq CTA Artificial, you can compare the effects of market volatilities on Suburban Propane and Nasdaq CTA 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 Suburban Propane with a short position of Nasdaq CTA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suburban Propane and Nasdaq CTA.
Diversification Opportunities for Suburban Propane and Nasdaq CTA
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Suburban and Nasdaq is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Suburban Propane Partners and Nasdaq CTA Artificial in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Nasdaq CTA Artificial and Suburban Propane 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 Suburban Propane Partners are associated (or correlated) with Nasdaq CTA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Nasdaq CTA Artificial has no effect on the direction of Suburban Propane i.e., Suburban Propane and Nasdaq CTA go up and down completely randomly.
Pair Corralation between Suburban Propane and Nasdaq CTA
Considering the 90-day investment horizon Suburban Propane Partners is expected to generate 1.59 times more return on investment than Nasdaq CTA. However, Suburban Propane is 1.59 times more volatile than Nasdaq CTA Artificial. It trades about 0.05 of its potential returns per unit of risk. Nasdaq CTA Artificial is currently generating about 0.03 per unit of risk. If you would invest 1,307 in Suburban Propane Partners on September 25, 2024 and sell it today you would earn a total of 437.00 from holding Suburban Propane Partners or generate 33.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 97.87% |
| Values | Daily Returns |
Suburban Propane Partners vs. Nasdaq CTA Artificial
Performance |
| Timeline |
Suburban Propane and Nasdaq CTA Volatility Contrast
Predicted Return Density |
| Returns |
Suburban Propane Partners
Pair trading matchups for Suburban Propane
Nasdaq CTA Artificial
Pair trading matchups for Nasdaq CTA
Pair Trading with Suburban Propane and Nasdaq CTA
The main advantage of trading using opposite Suburban Propane and Nasdaq CTA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suburban Propane position performs unexpectedly, Nasdaq CTA 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 Nasdaq CTA will offset losses from the drop in Nasdaq CTA's long position.| Suburban Propane vs. NewJersey Resources | Suburban Propane vs. Northwest Natural Gas | Suburban Propane vs. Spire Inc |
| Nasdaq CTA vs. Ryanair Holdings PLC | Nasdaq CTA vs. flyExclusive, | Nasdaq CTA vs. SkyWest | Nasdaq CTA vs. HF Sinclair Corp |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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