Benchmark  United States  NYSE  10,882   0.53  0.0% 


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Correlation analysis between Ashland and NuStar

    
  
Summary
Performance
FundamentalsTechnicalsRecomendation
   Valuation
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Investment horizon:  
  30 Days    Login   to change
  
This module allows you to analyze existing cross correlation between Ashland Inc and NuStar Energy LP. You can compare the effects of market volatilities on Ashland and NuStar 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 with a short position of NuStar. Please also check ongoing floating volatility patterns of Ashland and NuStar.
 Ashland Inc.  vs   NuStar Energy L.P.
Daily Returns (%)
ASH   NS   
Benchmark  Embed   Timeline 
Considering 30-days investment horizon, Ashland Inc is expected to under-perform the NuStar. In addition to that, Ashland is 1.02 times more volatile than NuStar Energy LP. It trades about -0.19 of its total potential returns per unit of risk. NuStar Energy LP is currently generating about -0.12 per unit of volatility. If you would invest  5,872  in NuStar Energy LP on July 4, 2015 and sell it today you would lose (215.00) from holding NuStar Energy LP or give up 3.66% of portfolio value over 30 days.

Correlation Coefficient

0.44

Parameters

Time Period1 Month [change]
DirectionPositive NS Moved Up vs ASH
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

Overlapping area represents amount of risk that can be diversified away by holding Ashland Inc. and NuStar Energy L.P. in the same portfolio assuming nothing else is changed

Historical Performance Chart

Comparative Volatility

Predicted Return Density  
Benchmark  Embed   Returns 

Ashland Inc

  

Risk-adjusted Performance

Over the last 30 days Ashland Inc has generated negative risk-adjusted returns adding no value to investors with long positions.

Pair trading matchups for Ashland

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Astec LifeSciences Limited vs. Ashland Inc
  

NuStar Energy LP

  

Risk-adjusted Performance

Over the last 30 days NuStar Energy LP has generated negative risk-adjusted returns adding no value to investors with long positions.

Pair trading matchups for NuStar

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