Correlation Between Quicksilver Resources and EXCO Resources
Can any of the company-specific risk be diversified away by investing in both Quicksilver Resources and EXCO Resources 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 EXCO Resources into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Quicksilver Resources and EXCO Resources, you can compare the effects of market volatilities on Quicksilver Resources and EXCO 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 Quicksilver Resources with a short position of EXCO Resources. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quicksilver Resources and EXCO Resources.
Diversification Opportunities for Quicksilver Resources and EXCO Resources
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Quicksilver and EXCO is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Quicksilver Resources and EXCO Resources in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EXCO Resources 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 EXCO Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EXCO Resources has no effect on the direction of Quicksilver Resources i.e., Quicksilver Resources and EXCO Resources go up and down completely randomly.
Pair Corralation between Quicksilver Resources and EXCO Resources
If you would invest (100.00) in EXCO Resources on January 25, 2024 and sell it today you would earn a total of 100.00 from holding EXCO Resources or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Quicksilver Resources vs. EXCO Resources
Performance |
| Timeline |
| Quicksilver Resources |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| EXCO Resources |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Quicksilver Resources and EXCO Resources Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quicksilver Resources and EXCO Resources
The main advantage of trading using opposite Quicksilver Resources and EXCO Resources positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quicksilver Resources position performs unexpectedly, EXCO Resources 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 EXCO Resources will offset losses from the drop in EXCO Resources' long position.| Quicksilver Resources vs. Micron Technology | Quicksilver Resources vs. ON Semiconductor | Quicksilver Resources vs. Grocery Outlet Holding | Quicksilver Resources vs. Analog Devices |
| EXCO Resources vs. PepsiCo | EXCO Resources vs. Celsius Holdings | EXCO Resources vs. Primo Water Corp | EXCO Resources vs. Oatly Group AB |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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