Pair Correlation Between Ashland Global and NuStar Energy

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.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Ashland Global Holdings Inc  vs   NuStar Energy L P
 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Ashland Global Holdings Inc is expected to generate 0.83 times more return on investment than NuStar Energy. However, Ashland Global Holdings Inc is 1.2 times less risky than NuStar Energy. It trades about 0.24 of its potential returns per unit of risk. NuStar Energy L P is currently generating about 0.17 per unit of risk. If you would invest  6,126  in Ashland Global Holdings Inc on August 27, 2017 and sell it today you would earn a total of  300.00  from holding Ashland Global Holdings Inc or generate 4.9% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Ashland Global and NuStar Energy
0.68

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy95.24%
ValuesDaily Returns

Diversification

Poor 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.

Comparative Volatility

 Predicted Return Density 
      Returns 

Ashland Global Holdings

  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Ashland Global Holdings Inc are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.

NuStar Energy L

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in NuStar Energy L P are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.