Pair Correlation Between DOW and Chevron

This module allows you to analyze existing cross correlation between DOW and Chevron Corporation. You can compare the effects of market volatilities on DOW and Chevron 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 DOW with a short position of Chevron. See also your portfolio center. Please also check ongoing floating volatility patterns of DOW and Chevron.
 Time Horizon     30 Days    Login   to change
Symbolsvs

DOW  vs.  Chevron Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, DOW is expected to under-perform the Chevron. In addition to that, DOW is 1.02 times more volatile than Chevron Corporation. It trades about -0.06 of its total potential returns per unit of risk. Chevron Corporation is currently generating about 0.12 per unit of volatility. If you would invest  11,460  in Chevron Corporation on March 26, 2018 and sell it today you would earn a total of  812.00  from holding Chevron Corporation or generate 7.09% return on investment over 30 days.

Pair Corralation between DOW and Chevron

-0.82
Time Period2 Months [change]
DirectionNegative 
StrengthSignificant
Accuracy84.0%
ValuesDaily Returns

Diversification

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding DOW and Chevron Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Chevron and DOW 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 DOW are associated (or correlated) with Chevron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chevron has no effect on the direction of DOW i.e. DOW and Chevron go up and down completely randomly.
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Comparative Volatility

 Predicted Return Density 
      Returns 

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See also your portfolio center. Please also try Coins and Tokens Correlation module to utilize digital token correlation table to build portfolio of cryptocurrencies across multiple exchanges.