Correlation Between MARATHON and PennantPark Floating
Specify exactly 2 symbols:
By analyzing existing cross correlation between MARATHON PETE P and PennantPark Floating Rate, you can compare the effects of market volatilities on MARATHON and PennantPark Floating 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 MARATHON with a short position of PennantPark Floating. Check out your portfolio center. Please also check ongoing floating volatility patterns of MARATHON and PennantPark Floating.
Diversification Opportunities for MARATHON and PennantPark Floating
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between MARATHON and PennantPark is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding MARATHON PETE P and PennantPark Floating Rate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PennantPark Floating Rate and MARATHON 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 MARATHON PETE P are associated (or correlated) with PennantPark Floating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PennantPark Floating Rate has no effect on the direction of MARATHON i.e., MARATHON and PennantPark Floating go up and down completely randomly.
Pair Corralation between MARATHON and PennantPark Floating
Assuming the 90 days trading horizon MARATHON is expected to generate 3.06 times less return on investment than PennantPark Floating. In addition to that, MARATHON is 2.39 times more volatile than PennantPark Floating Rate. It trades about 0.0 of its total potential returns per unit of risk. PennantPark Floating Rate is currently generating about 0.02 per unit of volatility. If you would invest 1,117 in PennantPark Floating Rate on October 26, 2024 and sell it today you would earn a total of 9.00 from holding PennantPark Floating Rate or generate 0.81% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 84.75% |
Values | Daily Returns |
MARATHON PETE P vs. PennantPark Floating Rate
Performance |
Timeline |
MARATHON PETE P |
PennantPark Floating Rate |
MARATHON and PennantPark Floating Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with MARATHON and PennantPark Floating
The main advantage of trading using opposite MARATHON and PennantPark Floating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if MARATHON position performs unexpectedly, PennantPark Floating 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 PennantPark Floating will offset losses from the drop in PennantPark Floating's long position.MARATHON vs. Hurco Companies | MARATHON vs. Skyline | MARATHON vs. Tritent International Agriculture | MARATHON vs. Fevertree Drinks Plc |
PennantPark Floating vs. KKR Co LP | PennantPark Floating vs. Carlyle Group | PennantPark Floating vs. Blackstone Group | PennantPark Floating vs. Blue Owl Capital |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
Portfolio Volatility Check portfolio volatility and analyze historical return density to properly model market risk |