Correlation Between Spire and Beijing Gas
Can any of the company-specific risk be diversified away by investing in both Spire and Beijing Gas 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 Spire and Beijing Gas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Spire Inc and Beijing Gas Blue, you can compare the effects of market volatilities on Spire and Beijing Gas 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 Spire with a short position of Beijing Gas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Spire and Beijing Gas.
Diversification Opportunities for Spire and Beijing Gas
-0.75 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Spire and Beijing is -0.75. Overlapping area represents the amount of risk that can be diversified away by holding Spire Inc and Beijing Gas Blue in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beijing Gas Blue and Spire 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 Spire Inc are associated (or correlated) with Beijing Gas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beijing Gas Blue has no effect on the direction of Spire i.e., Spire and Beijing Gas go up and down completely randomly.
Pair Corralation between Spire and Beijing Gas
If you would invest 6,783 in Spire Inc on November 1, 2024 and sell it today you would earn a total of 381.00 from holding Spire Inc or generate 5.62% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Spire Inc vs. Beijing Gas Blue
Performance |
| Timeline |
| Spire Inc |
| Beijing Gas Blue |
Spire and Beijing Gas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Spire and Beijing Gas
The main advantage of trading using opposite Spire and Beijing Gas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Spire position performs unexpectedly, Beijing Gas 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 Beijing Gas will offset losses from the drop in Beijing Gas' long position.| Spire vs. Northwest Natural Gas | Spire vs. Chesapeake Utilities | Spire vs. One Gas | Spire vs. NewJersey Resources |
| Beijing Gas vs. ENN Energy Holdings | Beijing Gas vs. EverGen Infrastructure Corp | Beijing Gas vs. OPAL Fuels | Beijing Gas vs. Atmos 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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios |