Correlation Between Suburban Propane and 404139AJ6
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By analyzing existing cross correlation between Suburban Propane Partners and US404139AJ64, you can compare the effects of market volatilities on Suburban Propane and 404139AJ6 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 404139AJ6. Check out your portfolio center. Please also check ongoing floating volatility patterns of Suburban Propane and 404139AJ6.
Diversification Opportunities for Suburban Propane and 404139AJ6
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Suburban and 404139AJ6 is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Suburban Propane Partners and US404139AJ64 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US404139AJ64 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 404139AJ6. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US404139AJ64 has no effect on the direction of Suburban Propane i.e., Suburban Propane and 404139AJ6 go up and down completely randomly.
Pair Corralation between Suburban Propane and 404139AJ6
If you would invest 1,890 in Suburban Propane Partners on September 12, 2024 and sell it today you would lose (6.00) from holding Suburban Propane Partners or give up 0.32% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Suburban Propane Partners vs. US404139AJ64
Performance |
| Timeline |
| Suburban Propane Partners |
| US404139AJ64 |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Suburban Propane and 404139AJ6 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Suburban Propane and 404139AJ6
The main advantage of trading using opposite Suburban Propane and 404139AJ6 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Suburban Propane position performs unexpectedly, 404139AJ6 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 404139AJ6 will offset losses from the drop in 404139AJ6's long position.| Suburban Propane vs. Northwest Natural Gas | Suburban Propane vs. NewJersey Resources | Suburban Propane vs. Atmos Energy | Suburban Propane vs. Chesapeake Utilities |
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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..
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