Correlation Between SPECTRA and Pinterest
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By analyzing existing cross correlation between SPECTRA ENERGY PARTNERS and Pinterest, you can compare the effects of market volatilities on SPECTRA and Pinterest 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 SPECTRA with a short position of Pinterest. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPECTRA and Pinterest.
Diversification Opportunities for SPECTRA and Pinterest
Good diversification
The 3 months correlation between SPECTRA and Pinterest is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding SPECTRA ENERGY PARTNERS and Pinterest in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pinterest and SPECTRA 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 SPECTRA ENERGY PARTNERS are associated (or correlated) with Pinterest. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pinterest has no effect on the direction of SPECTRA i.e., SPECTRA and Pinterest go up and down completely randomly.
Pair Corralation between SPECTRA and Pinterest
Assuming the 90 days trading horizon SPECTRA is expected to generate 13.21 times less return on investment than Pinterest. But when comparing it to its historical volatility, SPECTRA ENERGY PARTNERS is 10.47 times less risky than Pinterest. It trades about 0.03 of its potential returns per unit of risk. Pinterest is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 2,472 in Pinterest on September 12, 2024 and sell it today you would earn a total of 711.00 from holding Pinterest or generate 28.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.76% |
| Values | Daily Returns |
SPECTRA ENERGY PARTNERS vs. Pinterest
Performance |
| Timeline |
| SPECTRA ENERGY PARTNERS |
SPECTRA and Pinterest Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPECTRA and Pinterest
The main advantage of trading using opposite SPECTRA and Pinterest positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPECTRA position performs unexpectedly, Pinterest 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 Pinterest will offset losses from the drop in Pinterest's long position.| SPECTRA vs. Ambev SA ADR | SPECTRA vs. Molson Coors Brewing | SPECTRA vs. Air Lease | SPECTRA vs. Constellation Brands Class |
| Pinterest vs. Twilio Inc | Pinterest vs. Meta Platforms | Pinterest vs. Alphabet Inc Class C | Pinterest vs. Alphabet Inc Class A |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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