Correlation Between Energen and SPDR Barclays
Can any of the company-specific risk be diversified away by investing in both Energen and SPDR Barclays at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Energen and SPDR Barclays into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Energen and SPDR Barclays Intermediate, you can compare the effects of market volatilities on Energen and SPDR Barclays 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 Energen with a short position of SPDR Barclays. Check out your portfolio center. Please also check ongoing floating volatility patterns of Energen and SPDR Barclays.
Diversification Opportunities for Energen and SPDR Barclays
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Energen and SPDR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Energen and SPDR Barclays Intermediate in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPDR Barclays Interm and Energen 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 Energen are associated (or correlated) with SPDR Barclays. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPDR Barclays Interm has no effect on the direction of Energen i.e., Energen and SPDR Barclays go up and down completely randomly.
Pair Corralation between Energen and SPDR Barclays
If you would invest 3,130 in SPDR Barclays Intermediate on December 30, 2023 and sell it today you would earn a total of 139.00 from holding SPDR Barclays Intermediate or generate 4.44% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 0.0% |
Values | Daily Returns |
Energen vs. SPDR Barclays Intermediate
Performance |
Timeline |
Energen |
Risk-Adjusted Performance
0 of 100
Low | High |
Very Weak
SPDR Barclays Interm |
Energen and SPDR Barclays Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Energen and SPDR Barclays
The main advantage of trading using opposite Energen and SPDR Barclays positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Energen position performs unexpectedly, SPDR Barclays can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in SPDR Barclays will offset losses from the drop in SPDR Barclays' long position.Energen vs. Rand Capital Corp | Energen vs. Qorvo Inc | Energen vs. NLIGHT Inc | Energen vs. US Global Investors |
SPDR Barclays vs. International Business Machines | SPDR Barclays vs. Barloworld Ltd ADR | SPDR Barclays vs. Morningstar Unconstrained Allocation | SPDR Barclays vs. SPACE |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
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