Correlation Between 191216CM0 and Atmos Energy
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By analyzing existing cross correlation between COCA COLA CO and Atmos Energy, you can compare the effects of market volatilities on 191216CM0 and Atmos 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 191216CM0 with a short position of Atmos Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of 191216CM0 and Atmos Energy.
Diversification Opportunities for 191216CM0 and Atmos Energy
-0.02 | Correlation Coefficient |
Good diversification
The 3 months correlation between 191216CM0 and Atmos is -0.02. Overlapping area represents the amount of risk that can be diversified away by holding COCA COLA CO and Atmos Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Atmos Energy and 191216CM0 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 COCA COLA CO are associated (or correlated) with Atmos Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Atmos Energy has no effect on the direction of 191216CM0 i.e., 191216CM0 and Atmos Energy go up and down completely randomly.
Pair Corralation between 191216CM0 and Atmos Energy
Assuming the 90 days trading horizon COCA COLA CO is expected to generate 0.22 times more return on investment than Atmos Energy. However, COCA COLA CO is 4.48 times less risky than Atmos Energy. It trades about -0.13 of its potential returns per unit of risk. Atmos Energy is currently generating about -0.29 per unit of risk. If you would invest 9,030 in COCA COLA CO on September 25, 2024 and sell it today you would lose (61.00) from holding COCA COLA CO or give up 0.68% of portfolio value over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
COCA COLA CO vs. Atmos Energy
Performance |
Timeline |
COCA A CO |
Atmos Energy |
191216CM0 and Atmos Energy Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with 191216CM0 and Atmos Energy
The main advantage of trading using opposite 191216CM0 and Atmos Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 191216CM0 position performs unexpectedly, Atmos 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 Atmos Energy will offset losses from the drop in Atmos Energy's long position.191216CM0 vs. Atmos Energy | 191216CM0 vs. Cincinnati Financial | 191216CM0 vs. Atlantic American | 191216CM0 vs. The Hanover Insurance |
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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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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