Correlation Analysis Between Eni SPA and Chevron

This module allows you to analyze existing cross correlation between ENI SpA and Chevron Corporation. You can compare the effects of market volatilities on Eni SPA and Chevron 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 Eni SPA with a short position of Chevron. See also your portfolio center. Please also check ongoing floating volatility patterns of Eni SPA and Chevron.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

ENI SpA  
00

Risk-Adjusted Performance

Over the last 30 days ENI SpA has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound fundamental drivers, Eni SPA is not utilizing all of its potentials. The ongoing stock price tumult, may contribute to shorter-term losses for the shareholders.
Chevron  
11

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Chevron Corporation are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. Inspite fairly strong basic indicators, Chevron is not utilizing all of its potentials. The ongoing stock price disturbance, may contribute to short term losses for the investors.

Eni SPA and Chevron Volatility Contrast

 Predicted Return Density 
      Returns 

ENI SpA  vs.  Chevron Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Taking into account the 30 trading days horizon, Eni SPA is expected to generate 2.34 times less return on investment than Chevron. But when comparing it to its historical volatility, ENI SpA is 1.03 times less risky than Chevron. It trades about 0.01 of its potential returns per unit of risk. Chevron Corporation is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest  12,016  in Chevron Corporation on August 16, 2019 and sell it today you would earn a total of  134.00  from holding Chevron Corporation or generate 1.12% return on investment over 30 days.

Pair Corralation between Eni SPA and Chevron

0.99
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Eni SPA and Chevron

ENI SpA diversification synergy

No risk reduction

Overlapping area represents the amount of risk that can be diversified away by holding ENI SpA and Chevron Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Chevron and Eni SPA 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 ENI SpA are associated (or correlated) with Chevron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chevron has no effect on the direction of Eni SPA i.e. Eni SPA and Chevron go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.


 
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