Correlation Between TANGER and Newpark Resources
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By analyzing existing cross correlation between TANGER PPTYS LTD and Newpark Resources, you can compare the effects of market volatilities on TANGER and Newpark Resources 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 TANGER with a short position of Newpark Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of TANGER and Newpark Resources.
Diversification Opportunities for TANGER and Newpark Resources
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between TANGER and Newpark is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding TANGER PPTYS LTD and Newpark Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Newpark Resources and TANGER 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 TANGER PPTYS LTD are associated (or correlated) with Newpark Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Newpark Resources has no effect on the direction of TANGER i.e., TANGER and Newpark Resources go up and down completely randomly.
Pair Corralation between TANGER and Newpark Resources
Assuming the 90 days trading horizon TANGER PPTYS LTD is expected to under-perform the Newpark Resources. In addition to that, TANGER is 1.2 times more volatile than Newpark Resources. It trades about -0.04 of its total potential returns per unit of risk. Newpark Resources is currently generating about 0.17 per unit of volatility. If you would invest 725.00 in Newpark Resources on September 12, 2024 and sell it today you would earn a total of 57.00 from holding Newpark Resources or generate 7.86% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 85.71% |
| Values | Daily Returns |
TANGER PPTYS LTD vs. Newpark Resources
Performance |
| Timeline |
| TANGER PPTYS LTD |
| Newpark Resources |
TANGER and Newpark Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with TANGER and Newpark Resources
The main advantage of trading using opposite TANGER and Newpark Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if TANGER position performs unexpectedly, Newpark Resources 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 Newpark Resources will offset losses from the drop in Newpark Resources' long position.| TANGER vs. AEP TEX INC | TANGER vs. US BANK NATIONAL | TANGER vs. Recursion Pharmaceuticals | TANGER vs. SoundHound AI |
| Newpark Resources vs. Schlumberger NV | Newpark Resources vs. Weatherford International PLC | Newpark Resources vs. Tenaris SA ADR | Newpark Resources vs. Halliburton |
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 Insider Screener module to find insiders across different sectors to evaluate their impact on performance.
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