This module allows you to analyze existing cross correlation between Ashland Global Holdings Inc and NuStar Energy L P. You can compare the effects of market volatilities on Ashland Global and NuStar 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 Ashland Global with a short position of NuStar Energy. See also your portfolio center
. Please also check ongoing floating volatility patterns of Ashland Global
and NuStar Energy
Ashland Global Holdings Inc vs NuStar Energy L P
Considering 30-days investment horizon, Ashland Global Holdings Inc is expected to generate 0.71 times more return on investment than NuStar Energy. However, Ashland Global Holdings Inc is 1.41 times less risky than NuStar Energy. It trades about 0.15 of its potential returns per unit of risk. NuStar Energy L P is currently generating about -0.35 per unit of risk. If you would invest 6,685 in Ashland Global Holdings Inc on October 21, 2017 and sell it today you would earn a total of 331 from holding Ashland Global Holdings Inc or generate 4.95% return on investment over 30 days.
|Time Period||1 Month [change]|
Very good diversification
Overlapping area represents the amount of risk that can be diversified away by holding Ashland Global Holdings Inc and NuStar Energy L P in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NuStar Energy L and Ashland Global 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 Ashland Global Holdings Inc are associated (or correlated) with NuStar Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NuStar Energy L has no effect on the direction of Ashland Global i.e. Ashland Global and NuStar Energy go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in Ashland Global Holdings Inc are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.
Over the last 30 days NuStar Energy L P has generated negative risk-adjusted returns adding no value to investors with long positions.