Correlation Between Rockhopper Exploration and Angus Energy
Can any of the company-specific risk be diversified away by investing in both Rockhopper Exploration and Angus Energy 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 Rockhopper Exploration and Angus Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Rockhopper Exploration and Angus Energy PLC, you can compare the effects of market volatilities on Rockhopper Exploration and Angus Energy 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 Rockhopper Exploration with a short position of Angus Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Rockhopper Exploration and Angus Energy.
Diversification Opportunities for Rockhopper Exploration and Angus Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Rockhopper and Angus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Rockhopper Exploration and Angus Energy PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Angus Energy PLC and Rockhopper Exploration 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 Rockhopper Exploration are associated (or correlated) with Angus Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Angus Energy PLC has no effect on the direction of Rockhopper Exploration i.e., Rockhopper Exploration and Angus Energy go up and down completely randomly.
Pair Corralation between Rockhopper Exploration and Angus Energy
If you would invest (100.00) in Angus Energy PLC on February 20, 2024 and sell it today you would earn a total of 100.00 from holding Angus Energy PLC or generate -100.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Rockhopper Exploration vs. Angus Energy PLC
Performance |
Timeline |
Rockhopper Exploration |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Good
Angus Energy PLC |
Rockhopper Exploration and Angus Energy Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Rockhopper Exploration and Angus Energy
The main advantage of trading using opposite Rockhopper Exploration and Angus Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Rockhopper Exploration position performs unexpectedly, Angus Energy 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 Angus Energy will offset losses from the drop in Angus Energy's long position.Rockhopper Exploration vs. mobilezone holding AG | Rockhopper Exploration vs. Wizz Air Holdings | Rockhopper Exploration vs. Verizon Communications | Rockhopper Exploration vs. Finnair Oyj |
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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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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