Correlation Analysis Between Adams Resources and Chevron

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

Adams Resources Energy  

Risk-Adjusted Performance

Over the last 30 days Adams Resources Energy has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest unsteady performance, the Stock's fundamental drivers remain sound and the ongoing tumult on Wall Street may also be a sign of longer-term gains for the firm shareholders.

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Chevron Corporation are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days. Inspite fairly strong basic indicators, Chevron is not utilizing all of its potentials. The ongoing stock price disturbance, may contribute to short term losses for the investors.

Adams Resources and Chevron Volatility Contrast

 Predicted Return Density 

Adams Resources Energy  vs.  Chevron Corp.

 Performance (%) 

Pair Volatility

Allowing for the 30-days total investment horizon, Adams Resources Energy is expected to under-perform the Chevron. In addition to that, Adams Resources is 1.99 times more volatile than Chevron Corporation. It trades about -0.08 of its total potential returns per unit of risk. Chevron Corporation is currently generating about 0.02 per unit of volatility. If you would invest  12,302  in Chevron Corporation on August 19, 2019 and sell it today you would earn a total of  87.00  from holding Chevron Corporation or generate 0.71% return on investment over 30 days.

Pair Corralation between Adams Resources and Chevron

Time Period3 Months [change]
ValuesDaily Returns

Diversification Opportunities for Adams Resources and Chevron

Adams Resources Energy diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Adams Resources Energy and Chevron Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Chevron and Adams Resources 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 Adams Resources Energy 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 Adams Resources i.e. Adams Resources and Chevron go up and down completely randomly.
See also your portfolio center. Please also try Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.