This module allows you to analyze existing cross correlation between Ashland Global Holdings 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.
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 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.
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