Correlation Between Nebius Group and Suburban Propane
Can any of the company-specific risk be diversified away by investing in both Nebius Group and Suburban Propane 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 Nebius Group and Suburban Propane into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nebius Group NV and Suburban Propane Partners, you can compare the effects of market volatilities on Nebius Group and Suburban Propane 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 Nebius Group with a short position of Suburban Propane. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nebius Group and Suburban Propane.
Diversification Opportunities for Nebius Group and Suburban Propane
0.62 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nebius and Suburban is 0.62. Overlapping area represents the amount of risk that can be diversified away by holding Nebius Group NV and Suburban Propane Partners in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Suburban Propane Partners and Nebius Group 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 Nebius Group NV are associated (or correlated) with Suburban Propane. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Suburban Propane Partners has no effect on the direction of Nebius Group i.e., Nebius Group and Suburban Propane go up and down completely randomly.
Pair Corralation between Nebius Group and Suburban Propane
Given the investment horizon of 90 days Nebius Group NV is expected to generate 4.58 times more return on investment than Suburban Propane. However, Nebius Group is 4.58 times more volatile than Suburban Propane Partners. It trades about 0.09 of its potential returns per unit of risk. Suburban Propane Partners is currently generating about 0.07 per unit of risk. If you would invest 2,575 in Nebius Group NV on December 2, 2024 and sell it today you would earn a total of 674.00 from holding Nebius Group NV or generate 26.17% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Significant |
Accuracy | 100.0% |
Values | Daily Returns |
Nebius Group NV vs. Suburban Propane Partners
Performance |
Timeline |
Nebius Group NV |
Suburban Propane Partners |
Nebius Group and Suburban Propane Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Nebius Group and Suburban Propane
The main advantage of trading using opposite Nebius Group and Suburban Propane positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nebius Group position performs unexpectedly, Suburban Propane 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 Suburban Propane will offset losses from the drop in Suburban Propane's long position.Nebius Group vs. Mangazeya Mining | Nebius Group vs. East Africa Metals | Nebius Group vs. Contextlogic | Nebius Group vs. Cedar Realty Trust |
Suburban Propane vs. Northwest Natural Gas | Suburban Propane vs. NewJersey Resources | Suburban Propane vs. Atmos Energy | Suburban Propane vs. Chesapeake Utilities |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
Other Complementary Tools
Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital |