Correlation Between Stamper Oil and Calfrac Well
Can any of the company-specific risk be diversified away by investing in both Stamper Oil and Calfrac Well 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 Stamper Oil and Calfrac Well into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stamper Oil Gas and Calfrac Well Services, you can compare the effects of market volatilities on Stamper Oil and Calfrac Well 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 Stamper Oil with a short position of Calfrac Well. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stamper Oil and Calfrac Well.
Diversification Opportunities for Stamper Oil and Calfrac Well
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Stamper and Calfrac is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Stamper Oil Gas and Calfrac Well Services in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Calfrac Well Services and Stamper Oil 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 Stamper Oil Gas are associated (or correlated) with Calfrac Well. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Calfrac Well Services has no effect on the direction of Stamper Oil i.e., Stamper Oil and Calfrac Well go up and down completely randomly.
Pair Corralation between Stamper Oil and Calfrac Well
If you would invest 264.00 in Calfrac Well Services on December 28, 2024 and sell it today you would earn a total of 11.00 from holding Calfrac Well Services or generate 4.17% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 1.67% |
Values | Daily Returns |
Stamper Oil Gas vs. Calfrac Well Services
Performance |
Timeline |
Stamper Oil Gas |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Calfrac Well Services |
Stamper Oil and Calfrac Well Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Stamper Oil and Calfrac Well
The main advantage of trading using opposite Stamper Oil and Calfrac Well positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stamper Oil position performs unexpectedly, Calfrac Well 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 Calfrac Well will offset losses from the drop in Calfrac Well's long position.Stamper Oil vs. East West Petroleum | Stamper Oil vs. Valeura Energy | Stamper Oil vs. Invictus Energy Limited | Stamper Oil vs. Africa Oil Corp |
Calfrac Well vs. Greenway Technologies | Calfrac Well vs. Akastor ASA | Calfrac Well vs. Auri Inc | Calfrac Well vs. Us Energy Initiative |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
Other Complementary Tools
Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments |