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Correlation Between Chevron and Eni SPA

Analyzing existing cross correlation between Chevron Corporation and ENI SpA. You can compare the effects of market volatilities on Chevron and Eni SPA 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 Chevron with a short position of Eni SPA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Chevron and Eni SPA.

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Diversification Opportunities for Chevron and Eni SPA

Chevron Corp. diversification synergy
0.91
<div class='circular--portrait-small' style='background:#754DEB;color: white;font-size:1.1em;padding-top: 12px;;'>CVX</div>
<div class='circular--portrait-small' style='background:#FCD202;color: white;font-size:1.1em;padding-top: 12px;;'>ENI</div>

Almost no diversification

The 3 months correlation between Chevron and Eni SPA is 0.91. Overlapping area represents the amount of risk that can be diversified away by holding Chevron Corp. and ENI SpA in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ENI SpA and Chevron 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 Chevron Corporation are associated (or correlated) with Eni SPA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENI SpA has no effect on the direction of Chevron i.e. Chevron and Eni SPA go up and down completely randomly.

Pair Corralation between Chevron and Eni SPA

Considering 30-days investment horizon, Chevron Corporation is expected to generate 0.88 times more return on investment than Eni SPA. However, Chevron Corporation is 1.14 times less risky than Eni SPA. It trades about -0.12 of its potential returns per unit of risk. ENI SpA is currently generating about -0.14 per unit of risk. If you would invest  11,779  in Chevron Corporation on January 25, 2020 and sell it today you would lose (878.00)  from holding Chevron Corporation or give up 7.45% of portfolio value over 30 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthVery Strong
Accuracy98.39%
ValuesDaily Returns

Chevron Corp.  vs.  ENI SpA

 Performance (%) 
    
  Timeline 
Chevron 
00

Risk-Adjusted Performance

Over the last 30 days Chevron Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite latest unfluctuating performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.
ENI SpA 
00

Risk-Adjusted Performance

Over the last 30 days ENI SpA has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest unfluctuating performance, the Stock's fundamental drivers remain sound and the ongoing tumult on Wall Street may also be a sign of longer-term gains for the firm shareholders.

Chevron and Eni SPA Volatility Contrast

 Predicted Return Density 
    
  Returns 
Check out your portfolio center. Please also try Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.