Correlation Between Travelers Companies and CONOCOPHILLIPS
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By analyzing existing cross correlation between The Travelers Companies and CONOCOPHILLIPS 415 percent, you can compare the effects of market volatilities on Travelers Companies and CONOCOPHILLIPS 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 Travelers Companies with a short position of CONOCOPHILLIPS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Travelers Companies and CONOCOPHILLIPS.
Diversification Opportunities for Travelers Companies and CONOCOPHILLIPS
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Travelers and CONOCOPHILLIPS is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding The Travelers Companies and CONOCOPHILLIPS 415 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CONOCOPHILLIPS 415 and Travelers Companies 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 The Travelers Companies are associated (or correlated) with CONOCOPHILLIPS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CONOCOPHILLIPS 415 has no effect on the direction of Travelers Companies i.e., Travelers Companies and CONOCOPHILLIPS go up and down completely randomly.
Pair Corralation between Travelers Companies and CONOCOPHILLIPS
Considering the 90-day investment horizon The Travelers Companies is expected to generate 2.13 times more return on investment than CONOCOPHILLIPS. However, Travelers Companies is 2.13 times more volatile than CONOCOPHILLIPS 415 percent. It trades about 0.17 of its potential returns per unit of risk. CONOCOPHILLIPS 415 percent is currently generating about -0.07 per unit of risk. If you would invest 23,330 in The Travelers Companies on September 3, 2024 and sell it today you would earn a total of 3,274 from holding The Travelers Companies or generate 14.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 78.57% |
| Values | Daily Returns |
The Travelers Companies vs. CONOCOPHILLIPS 415 percent
Performance |
| Timeline |
| The Travelers Companies |
| CONOCOPHILLIPS 415 |
Travelers Companies and CONOCOPHILLIPS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Travelers Companies and CONOCOPHILLIPS
The main advantage of trading using opposite Travelers Companies and CONOCOPHILLIPS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Travelers Companies position performs unexpectedly, CONOCOPHILLIPS 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 CONOCOPHILLIPS will offset losses from the drop in CONOCOPHILLIPS's long position.| Travelers Companies vs. SPACE | Travelers Companies vs. Ampleforth | Travelers Companies vs. ionet | Travelers Companies vs. KIN |
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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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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