Correlation Between Cargile Fund and NISOURCE
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By analyzing existing cross correlation between Cargile Fund and NISOURCE FIN P, you can compare the effects of market volatilities on Cargile Fund and NISOURCE 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 Cargile Fund with a short position of NISOURCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cargile Fund and NISOURCE.
Diversification Opportunities for Cargile Fund and NISOURCE
-0.36 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cargile and NISOURCE is -0.36. Overlapping area represents the amount of risk that can be diversified away by holding Cargile Fund and NISOURCE FIN P in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NISOURCE FIN P and Cargile Fund 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 Cargile Fund are associated (or correlated) with NISOURCE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NISOURCE FIN P has no effect on the direction of Cargile Fund i.e., Cargile Fund and NISOURCE go up and down completely randomly.
Pair Corralation between Cargile Fund and NISOURCE
Assuming the 90 days horizon Cargile Fund is expected to generate 149.83 times less return on investment than NISOURCE. But when comparing it to its historical volatility, Cargile Fund is 81.27 times less risky than NISOURCE. It trades about 0.02 of its potential returns per unit of risk. NISOURCE FIN P is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 8,488 in NISOURCE FIN P on September 23, 2024 and sell it today you would earn a total of 135.00 from holding NISOURCE FIN P or generate 1.59% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 91.15% |
Values | Daily Returns |
Cargile Fund vs. NISOURCE FIN P
Performance |
Timeline |
Cargile Fund |
NISOURCE FIN P |
Cargile Fund and NISOURCE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Cargile Fund and NISOURCE
The main advantage of trading using opposite Cargile Fund and NISOURCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cargile Fund position performs unexpectedly, NISOURCE 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 NISOURCE will offset losses from the drop in NISOURCE's long position.Cargile Fund vs. Dfa Large | Cargile Fund vs. Aama Equity Fund | Cargile Fund vs. Stadion Tactical Growth | Cargile Fund vs. Matthews China Fund |
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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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
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