Correlation Between EnLink and United Fire
Specify exactly 2 symbols:
By analyzing existing cross correlation between EnLink Midstream Partners and United Fire Group, you can compare the effects of market volatilities on EnLink and United Fire 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 EnLink with a short position of United Fire. Check out your portfolio center. Please also check ongoing floating volatility patterns of EnLink and United Fire.
Diversification Opportunities for EnLink and United Fire
0.44 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between EnLink and United is 0.44. Overlapping area represents the amount of risk that can be diversified away by holding EnLink Midstream Partners and United Fire Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on United Fire Group and EnLink 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 EnLink Midstream Partners are associated (or correlated) with United Fire. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of United Fire Group has no effect on the direction of EnLink i.e., EnLink and United Fire go up and down completely randomly.
Pair Corralation between EnLink and United Fire
Assuming the 90 days trading horizon EnLink Midstream Partners is expected to under-perform the United Fire. In addition to that, EnLink is 1.09 times more volatile than United Fire Group. It trades about -0.12 of its total potential returns per unit of risk. United Fire Group is currently generating about 0.0 per unit of volatility. If you would invest 2,837 in United Fire Group on November 30, 2024 and sell it today you would lose (30.00) from holding United Fire Group or give up 1.06% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 82.93% |
| Values | Daily Returns |
EnLink Midstream Partners vs. United Fire Group
Performance |
| Timeline |
| EnLink Midstream Partners |
| United Fire Group |
EnLink and United Fire Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with EnLink and United Fire
The main advantage of trading using opposite EnLink and United Fire positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if EnLink position performs unexpectedly, United Fire 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 United Fire will offset losses from the drop in United Fire's long position.| EnLink vs. AEP TEX INC | EnLink vs. iShares Global Consumer | EnLink vs. GE Aerospace | EnLink vs. The Coca Cola |
| United Fire vs. Donegal Group B | United Fire vs. Horace Mann Educators | United Fire vs. Donegal Group A | United Fire vs. Global Indemnity PLC |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Stocks Directory Find actively traded stocks across global markets |