Correlation Between HALLIBURTON and NL Industries
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By analyzing existing cross correlation between HALLIBURTON 475 percent and NL Industries, you can compare the effects of market volatilities on HALLIBURTON and NL Industries 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 HALLIBURTON with a short position of NL Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of HALLIBURTON and NL Industries.
Diversification Opportunities for HALLIBURTON and NL Industries
-0.81 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between HALLIBURTON and NL Industries is -0.81. Overlapping area represents the amount of risk that can be diversified away by holding HALLIBURTON 475 percent and NL Industries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NL Industries and HALLIBURTON 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 HALLIBURTON 475 percent are associated (or correlated) with NL Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NL Industries has no effect on the direction of HALLIBURTON i.e., HALLIBURTON and NL Industries go up and down completely randomly.
Pair Corralation between HALLIBURTON and NL Industries
Assuming the 90 days trading horizon HALLIBURTON 475 percent is expected to under-perform the NL Industries. But the bond apears to be less risky and, when comparing its historical volatility, HALLIBURTON 475 percent is 2.34 times less risky than NL Industries. The bond trades about -0.07 of its potential returns per unit of risk. The NL Industries is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest 754.00 in NL Industries on September 4, 2024 and sell it today you would earn a total of 57.00 from holding NL Industries or generate 7.56% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 95.24% |
| Values | Daily Returns |
HALLIBURTON 475 percent vs. NL Industries
Performance |
| Timeline |
| HALLIBURTON 475 percent |
| NL Industries |
HALLIBURTON and NL Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HALLIBURTON and NL Industries
The main advantage of trading using opposite HALLIBURTON and NL Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HALLIBURTON position performs unexpectedly, NL Industries 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 NL Industries will offset losses from the drop in NL Industries' long position.| HALLIBURTON vs. CECO Environmental Corp | HALLIBURTON vs. Centessa Pharmaceuticals PLC | HALLIBURTON vs. enVVeno Medical Corp | HALLIBURTON vs. Merit Medical Systems |
| NL Industries vs. Atos SE | NL Industries vs. Deveron Corp | NL Industries vs. Appen Limited | NL Industries vs. Atos Origin SA |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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