Correlation Between XXL Energy and SilverBow Resources
Can any of the company-specific risk be diversified away by investing in both XXL Energy and SilverBow Resources 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 XXL Energy and SilverBow Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between XXL Energy Corp and SilverBow Resources, you can compare the effects of market volatilities on XXL Energy and SilverBow 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 XXL Energy with a short position of SilverBow Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of XXL Energy and SilverBow Resources.
Diversification Opportunities for XXL Energy and SilverBow Resources
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between XXL and SilverBow is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding XXL Energy Corp and SilverBow Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SilverBow Resources and XXL Energy 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 XXL Energy Corp are associated (or correlated) with SilverBow Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SilverBow Resources has no effect on the direction of XXL Energy i.e., XXL Energy and SilverBow Resources go up and down completely randomly.
Pair Corralation between XXL Energy and SilverBow Resources
If you would invest (100.00) in SilverBow Resources on November 1, 2024 and sell it today you would earn a total of 100.00 from holding SilverBow Resources or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
XXL Energy Corp vs. SilverBow Resources
Performance |
| Timeline |
| XXL Energy Corp |
| SilverBow Resources |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
XXL Energy and SilverBow Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with XXL Energy and SilverBow Resources
The main advantage of trading using opposite XXL Energy and SilverBow Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if XXL Energy position performs unexpectedly, SilverBow 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 SilverBow Resources will offset losses from the drop in SilverBow Resources' long position.| XXL Energy vs. PHX Minerals | XXL Energy vs. Mexco Energy | XXL Energy vs. Granite Ridge Resources | XXL Energy vs. PrimeEnergy |
| SilverBow Resources vs. Vital Energy | SilverBow Resources vs. Permian Resources | SilverBow Resources vs. Magnolia Oil Gas | SilverBow Resources vs. Ring Energy |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. |