Correlation Between 15189TBB2 and Vistra Energy
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By analyzing existing cross correlation between CNP 265 01 JUN 31 and Vistra Energy Corp, you can compare the effects of market volatilities on 15189TBB2 and Vistra 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 15189TBB2 with a short position of Vistra Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of 15189TBB2 and Vistra Energy.
Diversification Opportunities for 15189TBB2 and Vistra Energy
0.19 | Correlation Coefficient |
Average diversification
The 3 months correlation between 15189TBB2 and Vistra is 0.19. Overlapping area represents the amount of risk that can be diversified away by holding CNP 265 01 JUN 31 and Vistra Energy Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Vistra Energy Corp and 15189TBB2 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 CNP 265 01 JUN 31 are associated (or correlated) with Vistra Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Vistra Energy Corp has no effect on the direction of 15189TBB2 i.e., 15189TBB2 and Vistra Energy go up and down completely randomly.
Pair Corralation between 15189TBB2 and Vistra Energy
Assuming the 90 days trading horizon CNP 265 01 JUN 31 is expected to under-perform the Vistra Energy. But the bond apears to be less risky and, when comparing its historical volatility, CNP 265 01 JUN 31 is 3.2 times less risky than Vistra Energy. The bond trades about 0.0 of its potential returns per unit of risk. The Vistra Energy Corp is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest 2,324 in Vistra Energy Corp on September 3, 2024 and sell it today you would earn a total of 13,660 from holding Vistra Energy Corp or generate 587.78% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 54.55% |
| Values | Daily Returns |
CNP 265 01 JUN 31 vs. Vistra Energy Corp
Performance |
| Timeline |
| CNP 265 01 |
| Vistra Energy Corp |
15189TBB2 and Vistra Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 15189TBB2 and Vistra Energy
The main advantage of trading using opposite 15189TBB2 and Vistra Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 15189TBB2 position performs unexpectedly, Vistra 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 Vistra Energy will offset losses from the drop in Vistra Energy's long position.| 15189TBB2 vs. Vistra Energy Corp | 15189TBB2 vs. Suburban Propane Partners | 15189TBB2 vs. Mangazeya Mining | 15189TBB2 vs. NRG Energy |
| Vistra Energy vs. Pampa Energia SA | Vistra Energy vs. TransAlta Corp | Vistra Energy vs. Kenon Holdings | Vistra Energy vs. NRG 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 Price Transformation module to use Price Transformation models to analyze the depth of different equity instruments across global markets.
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