Correlation Between 26442UAG9 and Sphere Entertainment
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By analyzing existing cross correlation between DUKE ENERGY PROGRESS and Sphere Entertainment Co, you can compare the effects of market volatilities on 26442UAG9 and Sphere Entertainment 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 26442UAG9 with a short position of Sphere Entertainment. Check out your portfolio center. Please also check ongoing floating volatility patterns of 26442UAG9 and Sphere Entertainment.
Diversification Opportunities for 26442UAG9 and Sphere Entertainment
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between 26442UAG9 and Sphere is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding DUKE ENERGY PROGRESS and Sphere Entertainment Co in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sphere Entertainment and 26442UAG9 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 DUKE ENERGY PROGRESS are associated (or correlated) with Sphere Entertainment. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sphere Entertainment has no effect on the direction of 26442UAG9 i.e., 26442UAG9 and Sphere Entertainment go up and down completely randomly.
Pair Corralation between 26442UAG9 and Sphere Entertainment
Assuming the 90 days trading horizon DUKE ENERGY PROGRESS is expected to generate 0.14 times more return on investment than Sphere Entertainment. However, DUKE ENERGY PROGRESS is 7.28 times less risky than Sphere Entertainment. It trades about -0.21 of its potential returns per unit of risk. Sphere Entertainment Co is currently generating about -0.07 per unit of risk. If you would invest 9,900 in DUKE ENERGY PROGRESS on August 31, 2024 and sell it today you would lose (330.00) from holding DUKE ENERGY PROGRESS or give up 3.33% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.73% |
| Values | Daily Returns |
DUKE ENERGY PROGRESS vs. Sphere Entertainment Co
Performance |
| Timeline |
| DUKE ENERGY PROGRESS |
| Sphere Entertainment |
26442UAG9 and Sphere Entertainment Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 26442UAG9 and Sphere Entertainment
The main advantage of trading using opposite 26442UAG9 and Sphere Entertainment positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 26442UAG9 position performs unexpectedly, Sphere Entertainment 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 Sphere Entertainment will offset losses from the drop in Sphere Entertainment's long position.| 26442UAG9 vs. Sandstorm Gold Ltd | 26442UAG9 vs. Empresa Distribuidora y | 26442UAG9 vs. Cheniere Energy Partners | 26442UAG9 vs. Highway Holdings Limited |
| Sphere Entertainment vs. Ihuman Inc | Sphere Entertainment vs. GoHealth | Sphere Entertainment vs. Aspen Insurance Holdings | Sphere Entertainment vs. Relx PLC ADR |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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