Correlation Between Hawkins and NISOURCE
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By analyzing existing cross correlation between Hawkins and NISOURCE FIN P, you can compare the effects of market volatilities on Hawkins 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 Hawkins with a short position of NISOURCE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hawkins and NISOURCE.
Diversification Opportunities for Hawkins and NISOURCE
Weak diversification
The 3 months correlation between Hawkins and NISOURCE is 0.34. Overlapping area represents the amount of risk that can be diversified away by holding Hawkins 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 Hawkins 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 Hawkins 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 Hawkins i.e., Hawkins and NISOURCE go up and down completely randomly.
Pair Corralation between Hawkins and NISOURCE
Given the investment horizon of 90 days Hawkins is expected to generate 42.58 times less return on investment than NISOURCE. But when comparing it to its historical volatility, Hawkins is 47.8 times less risky than NISOURCE. It trades about 0.11 of its potential returns per unit of risk. NISOURCE FIN P is currently generating about 0.1 of returns per unit of risk over similar time horizon. If you would invest 10,373 in NISOURCE FIN P on September 25, 2024 and sell it today you would earn a total of 290.00 from holding NISOURCE FIN P or generate 2.8% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 47.08% |
Values | Daily Returns |
Hawkins vs. NISOURCE FIN P
Performance |
Timeline |
Hawkins |
NISOURCE FIN P |
Hawkins and NISOURCE Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Hawkins and NISOURCE
The main advantage of trading using opposite Hawkins and NISOURCE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hawkins 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.Hawkins vs. International Flavors Fragrances | Hawkins vs. Air Products and | Hawkins vs. Linde plc Ordinary | Hawkins vs. PPG Industries |
NISOURCE vs. Hawkins | NISOURCE vs. Harmony Gold Mining | NISOURCE vs. Luxfer Holdings PLC | NISOURCE vs. Air Products and |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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