Correlation Analysis Between Baker Hughes and Cheniere Energy

This module allows you to analyze existing cross correlation between Baker Hughes Incorporated and Cheniere Energy Partners L P. You can compare the effects of market volatilities on Baker Hughes and Cheniere 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 Baker Hughes with a short position of Cheniere Energy. See also your portfolio center. Please also check ongoing floating volatility patterns of Baker Hughes and Cheniere Energy.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Baker Hughes Incorporated  vs.  Cheniere Energy Partners L P

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Baker Hughes Incorporated is expected to under-perform the Cheniere Energy. In addition to that, Baker Hughes is 1.42 times more volatile than Cheniere Energy Partners L P. It trades about -0.38 of its total potential returns per unit of risk. Cheniere Energy Partners L P is currently generating about 0.24 per unit of volatility. If you would invest  3,329  in Cheniere Energy Partners L P on May 19, 2018 and sell it today you would earn a total of  255.00  from holding Cheniere Energy Partners L P or generate 7.66% return on investment over 30 days.

Pair Corralation between Baker Hughes and Cheniere Energy

-0.7
Time Period1 Month [change]
DirectionNegative 
StrengthWeak
Accuracy21.05%
ValuesDaily Returns

Diversification

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding Baker Hughes Incorporated and Cheniere Energy Partners L P in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Cheniere Energy Part and Baker Hughes 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 Baker Hughes Incorporated are associated (or correlated) with Cheniere Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cheniere Energy Part has no effect on the direction of Baker Hughes i.e. Baker Hughes and Cheniere Energy go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Baker Hughes Incorporated  
0 

Risk-Adjusted Performance

Over the last 30 days Baker Hughes Incorporated has generated negative risk-adjusted returns adding no value to investors with long positions.
Cheniere Energy Part  
16 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Cheniere Energy Partners L P are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.

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GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1152.26

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