Correlation Between Stamper Oil and Invictus Energy
Can any of the company-specific risk be diversified away by investing in both Stamper Oil and Invictus 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 Stamper Oil and Invictus Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stamper Oil Gas and Invictus Energy Limited, you can compare the effects of market volatilities on Stamper Oil and Invictus 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 Stamper Oil with a short position of Invictus Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stamper Oil and Invictus Energy.
Diversification Opportunities for Stamper Oil and Invictus Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Stamper and Invictus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Stamper Oil Gas and Invictus Energy Limited in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Invictus Energy and Stamper Oil 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 Stamper Oil Gas are associated (or correlated) with Invictus Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Invictus Energy has no effect on the direction of Stamper Oil i.e., Stamper Oil and Invictus Energy go up and down completely randomly.
Pair Corralation between Stamper Oil and Invictus Energy
If you would invest 4.25 in Invictus Energy Limited on October 29, 2024 and sell it today you would earn a total of 0.25 from holding Invictus Energy Limited or generate 5.88% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 90.0% |
| Values | Daily Returns |
Stamper Oil Gas vs. Invictus Energy Limited
Performance |
| Timeline |
| Stamper Oil Gas |
| Invictus Energy |
Stamper Oil and Invictus Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stamper Oil and Invictus Energy
The main advantage of trading using opposite Stamper Oil and Invictus Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stamper Oil position performs unexpectedly, Invictus 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 Invictus Energy will offset losses from the drop in Invictus Energy's long position.| Stamper Oil vs. Greenway Technologies | Stamper Oil vs. Akastor ASA | Stamper Oil vs. Auri Inc | Stamper Oil vs. Us Energy Initiative |
| Invictus Energy vs. Sintana Energy | Invictus Energy vs. 88 Energy Limited | Invictus Energy vs. Journey Energy | Invictus Energy vs. Trillion Energy International |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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