Correlation Between Quicksilver Resources and Owens Corning
Can any of the company-specific risk be diversified away by investing in both Quicksilver Resources and Owens Corning 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 Quicksilver Resources and Owens Corning into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Quicksilver Resources and Owens Corning, you can compare the effects of market volatilities on Quicksilver Resources and Owens Corning 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 Quicksilver Resources with a short position of Owens Corning. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quicksilver Resources and Owens Corning.
Diversification Opportunities for Quicksilver Resources and Owens Corning
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Quicksilver and Owens is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Quicksilver Resources and Owens Corning in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Owens Corning and Quicksilver Resources 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 Quicksilver Resources are associated (or correlated) with Owens Corning. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Owens Corning has no effect on the direction of Quicksilver Resources i.e., Quicksilver Resources and Owens Corning go up and down completely randomly.
Pair Corralation between Quicksilver Resources and Owens Corning
If you would invest 14,099 in Owens Corning on January 20, 2024 and sell it today you would earn a total of 1,953 from holding Owens Corning or generate 13.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Quicksilver Resources vs. Owens Corning
Performance |
| Timeline |
| Quicksilver Resources |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Owens Corning |
Quicksilver Resources and Owens Corning Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quicksilver Resources and Owens Corning
The main advantage of trading using opposite Quicksilver Resources and Owens Corning positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quicksilver Resources position performs unexpectedly, Owens Corning 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 Owens Corning will offset losses from the drop in Owens Corning's long position.| Quicksilver Resources vs. Air Transport Services | Quicksilver Resources vs. Ecovyst | Quicksilver Resources vs. Aegean Airlines SA | Quicksilver Resources vs. Hawkins |
| Owens Corning vs. Travis Perkins plc | Owens Corning vs. Travis Perkins PLC | Owens Corning vs. Janus International Group | Owens Corning vs. Interface |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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