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 under-perform the NuStar Energy. But the stock apears to be less risky and, when comparing its historical volatility, Ashland Global Holdings Inc is 3.2 times less risky than NuStar Energy. The stock trades about -0.03 of its potential returns per unit of risk. The NuStar Energy L P is currently generating about 0.27 of returns per unit of risk over similar time horizon. If you would invest  4,288  in NuStar Energy L P on June 20, 2017 and sell it today you would earn a total of  450.00  from holding NuStar Energy L P or generate 10.49% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Ashland Global and NuStar Energy
-0.64

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Excellent 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

  
0 

Risk-Adjusted Performance

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

NuStar Energy L

  
18 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in NuStar Energy L P are ranked lower than 18 (%) of all global equities and portfolios over the last 30 days.