Correlation Between Woori Financial and Crestwood Equity
Can any of the company-specific risk be diversified away by investing in both Woori Financial and Crestwood Equity at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Woori Financial and Crestwood Equity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Woori Financial Group and Crestwood Equity Partners, you can compare the effects of market volatilities on Woori Financial and Crestwood Equity 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 Woori Financial with a short position of Crestwood Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Woori Financial and Crestwood Equity.
Diversification Opportunities for Woori Financial and Crestwood Equity
-0.28 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Woori and Crestwood is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Woori Financial Group and Crestwood Equity Partners in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Crestwood Equity Partners and Woori Financial 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 Woori Financial Group are associated (or correlated) with Crestwood Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Crestwood Equity Partners has no effect on the direction of Woori Financial i.e., Woori Financial and Crestwood Equity go up and down completely randomly.
Pair Corralation between Woori Financial and Crestwood Equity
If you would invest 2,774 in Woori Financial Group on August 28, 2024 and sell it today you would earn a total of 817.00 from holding Woori Financial Group or generate 29.45% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.48% |
| Values | Daily Returns |
Woori Financial Group vs. Crestwood Equity Partners
Performance |
| Timeline |
| Woori Financial Group |
| Crestwood Equity Partners |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Woori Financial and Crestwood Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Woori Financial and Crestwood Equity
The main advantage of trading using opposite Woori Financial and Crestwood Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Woori Financial position performs unexpectedly, Crestwood Equity 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 Crestwood Equity will offset losses from the drop in Crestwood Equity's long position.| Woori Financial vs. Banco Santander Brasil | Woori Financial vs. CrossFirst Bankshares | Woori Financial vs. Banco Bradesco SA | Woori Financial vs. CF Bankshares |
| Crestwood Equity vs. Western Midstream Partners | Crestwood Equity vs. DT Midstream | Crestwood Equity vs. MPLX LP | Crestwood Equity vs. Enterprise Products Partners |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Stocks Directory Find actively traded stocks across global markets | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| CEOs Directory Screen CEOs from public companies around the world | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |