Correlation Between Suburban Propane and 29379VCB7
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By analyzing existing cross correlation between Suburban Propane Partners and EPD 33 15 FEB 53, you can compare the effects of market volatilities on Suburban Propane and 29379VCB7 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 29379VCB7. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suburban Propane and 29379VCB7.
Diversification Opportunities for Suburban Propane and 29379VCB7
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Suburban and 29379VCB7 is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Suburban Propane Partners and EPD 33 15 FEB 53 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EPD 33 15 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 29379VCB7. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EPD 33 15 has no effect on the direction of Suburban Propane i.e., Suburban Propane and 29379VCB7 go up and down completely randomly.
Pair Corralation between Suburban Propane and 29379VCB7
Considering the 90-day investment horizon Suburban Propane Partners is expected to generate 1.9 times more return on investment than 29379VCB7. However, Suburban Propane is 1.9 times more volatile than EPD 33 15 FEB 53. It trades about 0.06 of its potential returns per unit of risk. EPD 33 15 FEB 53 is currently generating about -0.01 per unit of risk. If you would invest 1,349 in Suburban Propane Partners on September 12, 2024 and sell it today you would earn a total of 535.00 from holding Suburban Propane Partners or generate 39.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.15% |
| Values | Daily Returns |
Suburban Propane Partners vs. EPD 33 15 FEB 53
Performance |
| Timeline |
| Suburban Propane Partners |
| EPD 33 15 |
Suburban Propane and 29379VCB7 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suburban Propane and 29379VCB7
The main advantage of trading using opposite Suburban Propane and 29379VCB7 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suburban Propane position performs unexpectedly, 29379VCB7 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 29379VCB7 will offset losses from the drop in 29379VCB7's long position.| Suburban Propane vs. Northwest Natural Gas | Suburban Propane vs. NewJersey Resources | Suburban Propane vs. Atmos Energy | Suburban Propane vs. Chesapeake Utilities |
| 29379VCB7 vs. LB Foster | 29379VCB7 vs. Southwest Gas Holdings | 29379VCB7 vs. Empresa Distribuidora y | 29379VCB7 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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
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