Correlation Between 31429KAG8 and NiSource
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By analyzing existing cross correlation between CCDJ 44 23 AUG 25 and NiSource, you can compare the effects of market volatilities on 31429KAG8 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 31429KAG8 with a short position of NiSource. Check out your portfolio center. Please also check ongoing floating volatility patterns of 31429KAG8 and NiSource.
Diversification Opportunities for 31429KAG8 and NiSource
Good diversification
The 3 months correlation between 31429KAG8 and NiSource is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding CCDJ 44 23 AUG 25 and NiSource in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NiSource and 31429KAG8 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 CCDJ 44 23 AUG 25 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 31429KAG8 i.e., 31429KAG8 and NiSource go up and down completely randomly.
Pair Corralation between 31429KAG8 and NiSource
Assuming the 90 days trading horizon CCDJ 44 23 AUG 25 is expected to under-perform the NiSource. But the bond apears to be less risky and, when comparing its historical volatility, CCDJ 44 23 AUG 25 is 2.45 times less risky than NiSource. The bond trades about -0.33 of its potential returns per unit of risk. The NiSource is currently generating about 0.48 of returns per unit of risk over similar time horizon. If you would invest 3,611 in NiSource on November 28, 2024 and sell it today you would earn a total of 373.00 from holding NiSource or generate 10.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 42.86% |
| Values | Daily Returns |
CCDJ 44 23 AUG 25 vs. NiSource
Performance |
| Timeline |
| CCDJ 44 23 |
| NiSource |
31429KAG8 and NiSource Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 31429KAG8 and NiSource
The main advantage of trading using opposite 31429KAG8 and NiSource positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 31429KAG8 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.| 31429KAG8 vs. ARIA Wireless Systems | 31429KAG8 vs. JBG SMITH Properties | 31429KAG8 vs. Nyxoah | 31429KAG8 vs. Intuitive Surgical |
| 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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