Pair Correlation Between Ingram Micro and Adams Resources

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

Pair Volatility

Allowing for the 30-days total investment horizon, Ingram Micro Inc is expected to under-perform the Adams Resources. But the stock apears to be less risky and, when comparing its historical volatility, Ingram Micro Inc is 3.01 times less risky than Adams Resources. The stock trades about -0.01 of its potential returns per unit of risk. The Adams Resources Energy Inc is currently generating about 0.01 of returns per unit of risk over similar time horizon. If you would invest  5,010  in Adams Resources Energy Inc on November 17, 2017 and sell it today you would lose (38)  from holding Adams Resources Energy Inc or give up 0.76% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Ingram Micro and Adams Resources
-0.49

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthVery Weak
Accuracy1.49%
ValuesDaily Returns

Diversification

Very good diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

Adams Resources Energy

  
0 

Risk-Adjusted Performance

Over the last 30 days Adams Resources Energy Inc has generated negative risk-adjusted returns adding no value to investors with long positions.