Correlation Between Stingray and Key Energy
Can any of the company-specific risk be diversified away by investing in both Stingray and Key Energy 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 Stingray and Key Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stingray Group and Key Energy Services, you can compare the effects of market volatilities on Stingray and Key Energy 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 Stingray with a short position of Key Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stingray and Key Energy.
Diversification Opportunities for Stingray and Key Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Stingray and Key is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Stingray Group and Key Energy Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Key Energy Services and Stingray 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 Stingray Group are associated (or correlated) with Key Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Key Energy Services has no effect on the direction of Stingray i.e., Stingray and Key Energy go up and down completely randomly.
Pair Corralation between Stingray and Key Energy
If you would invest 538.00 in Stingray Group on November 18, 2024 and sell it today you would earn a total of 83.00 from holding Stingray Group or generate 15.43% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Stingray Group vs. Key Energy Services
Performance |
| Timeline |
| Stingray Group |
| Key Energy Services |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Stingray and Key Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stingray and Key Energy
The main advantage of trading using opposite Stingray and Key Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stingray position performs unexpectedly, Key Energy 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 Key Energy will offset losses from the drop in Key Energy's long position.| Stingray vs. Jeld Wen Holding | Stingray vs. Deluxe | Stingray vs. Everus Construction Group | Stingray vs. Udemy Inc |
| Key Energy vs. Archrock | Key Energy vs. Bristow Group | Key Energy vs. TechnipFMC PLC | Key Energy vs. Now Inc |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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