Pair Correlation Between Hess and TOTAL S

This module allows you to analyze existing cross correlation between Hess Corporation and TOTAL S A. You can compare the effects of market volatilities on Hess and TOTAL S 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 Hess with a short position of TOTAL S. See also your portfolio center. Please also check ongoing floating volatility patterns of Hess and TOTAL S.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 Hess Corp.  vs   TOTAL S A
 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Hess Corporation is expected to under-perform the TOTAL S. In addition to that, Hess is 3.12 times more volatile than TOTAL S A. It trades about -0.01 of its total potential returns per unit of risk. TOTAL S A is currently generating about 0.15 per unit of volatility. If you would invest  5,461  in TOTAL S A on October 24, 2017 and sell it today you would earn a total of  150  from holding TOTAL S A or generate 2.75% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between Hess and TOTAL S
0.78

Parameters

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 Hess Corp. and TOTAL S A in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on TOTAL S A and Hess 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 Hess Corporation are associated (or correlated) with TOTAL S. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of TOTAL S A has no effect on the direction of Hess i.e. Hess and TOTAL S go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Hess

  
0 

Risk-Adjusted Performance

Over the last 30 days Hess Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.

TOTAL S A

  
10 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in TOTAL S A are ranked lower than 10 (%) of all global equities and portfolios over the last 30 days.