Correlation Between 202795JU5 and NiSource
Specify exactly 2 symbols:
By analyzing existing cross correlation between EXC 275 01 SEP 51 and NiSource, you can compare the effects of market volatilities on 202795JU5 and NiSource 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 202795JU5 with a short position of NiSource. Check out your portfolio center. Please also check ongoing floating volatility patterns of 202795JU5 and NiSource.
Diversification Opportunities for 202795JU5 and NiSource
Significant diversification
The 3 months correlation between 202795JU5 and NiSource is 0.04. Overlapping area represents the amount of risk that can be diversified away by holding EXC 275 01 SEP 51 and NiSource in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NiSource and 202795JU5 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 EXC 275 01 SEP 51 are associated (or correlated) with NiSource. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NiSource has no effect on the direction of 202795JU5 i.e., 202795JU5 and NiSource go up and down completely randomly.
Pair Corralation between 202795JU5 and NiSource
Assuming the 90 days trading horizon 202795JU5 is expected to generate 5.5 times less return on investment than NiSource. In addition to that, 202795JU5 is 1.2 times more volatile than NiSource. It trades about 0.04 of its total potential returns per unit of risk. NiSource is currently generating about 0.25 per unit of volatility. If you would invest 2,827 in NiSource on September 3, 2024 and sell it today you would earn a total of 908.00 from holding NiSource or generate 32.12% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 59.2% |
| Values | Daily Returns |
EXC 275 01 SEP 51 vs. NiSource
Performance |
| Timeline |
| EXC 275 01 |
| NiSource |
202795JU5 and NiSource Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 202795JU5 and NiSource
The main advantage of trading using opposite 202795JU5 and NiSource positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 202795JU5 position performs unexpectedly, NiSource 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 NiSource will offset losses from the drop in NiSource's long position.| 202795JU5 vs. Kaltura | 202795JU5 vs. Meiwu Technology Co | 202795JU5 vs. Arm Holdings plc | 202795JU5 vs. NETGEAR |
| NiSource vs. NewJersey Resources | NiSource vs. Northwest Natural Gas | NiSource vs. UGI Corporation | NiSource vs. Spire 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 Portfolio Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |