Correlation Between Suburban Propane and CINCINNATI
Specify exactly 2 symbols:
By analyzing existing cross correlation between Suburban Propane Partners and CINCINNATI FINL P, you can compare the effects of market volatilities on Suburban Propane and CINCINNATI 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 CINCINNATI. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suburban Propane and CINCINNATI.
Diversification Opportunities for Suburban Propane and CINCINNATI
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Suburban and CINCINNATI is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding Suburban Propane Partners and CINCINNATI FINL P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CINCINNATI FINL P 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 CINCINNATI. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CINCINNATI FINL P has no effect on the direction of Suburban Propane i.e., Suburban Propane and CINCINNATI go up and down completely randomly.
Pair Corralation between Suburban Propane and CINCINNATI
Considering the 90-day investment horizon Suburban Propane is expected to generate 5.3 times less return on investment than CINCINNATI. In addition to that, Suburban Propane is 2.55 times more volatile than CINCINNATI FINL P. It trades about 0.0 of its total potential returns per unit of risk. CINCINNATI FINL P is currently generating about 0.06 per unit of volatility. If you would invest 10,511 in CINCINNATI FINL P on September 3, 2024 and sell it today you would earn a total of 460.00 from holding CINCINNATI FINL P or generate 4.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 85.6% |
| Values | Daily Returns |
Suburban Propane Partners vs. CINCINNATI FINL P
Performance |
| Timeline |
| Suburban Propane Partners |
| CINCINNATI FINL P |
Suburban Propane and CINCINNATI Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suburban Propane and CINCINNATI
The main advantage of trading using opposite Suburban Propane and CINCINNATI positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suburban Propane position performs unexpectedly, CINCINNATI 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 CINCINNATI will offset losses from the drop in CINCINNATI's long position.| Suburban Propane vs. Northwest Natural Gas | Suburban Propane vs. NewJersey Resources | Suburban Propane vs. Atmos Energy | Suburban Propane vs. Chesapeake Utilities |
| CINCINNATI vs. Albertsons Companies | CINCINNATI vs. GE Vernova LLC | CINCINNATI vs. One Gas | CINCINNATI vs. Suburban Propane Partners |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |