Correlation Analysis Between Caterpillar and Antero Resources

This module allows you to analyze existing cross correlation between Caterpillar and Antero Resources Corporation. You can compare the effects of market volatilities on Caterpillar and Antero Resources 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 Caterpillar with a short position of Antero Resources. See also your portfolio center. Please also check ongoing floating volatility patterns of Caterpillar and Antero Resources.
Horizon     30 Days    Login   to change
Symbolsvs

Caterpillar Inc  vs.  Antero Resources Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Caterpillar is expected to generate 0.84 times more return on investment than Antero Resources. However, Caterpillar is 1.2 times less risky than Antero Resources. It trades about 0.44 of its potential returns per unit of risk. Antero Resources Corporation is currently generating about 0.21 per unit of risk. If you would invest  13,679  in Caterpillar on August 23, 2018 and sell it today you would earn a total of  1,921  from holding Caterpillar or generate 14.04% return on investment over 30 days.

Pair Corralation between Caterpillar and Antero Resources

0.72
Time Period1 Month [change]
DirectionPositive 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Poor diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 
Caterpillar  
28 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Caterpillar are ranked lower than 28 (%) of all global equities and portfolios over the last 30 days.
Antero Resources  
14 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Antero Resources Corporation are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days.

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Alphabet
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ExchangeNASDAQ
$1166.09

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