Pair Correlation Between iPath Pure and United States

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

Pair Volatility

If you would invest  1,011  in United States Oil on September 19, 2017 and sell it today you would earn a total of  24  from holding United States Oil or generate 2.37% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between iPath Pure and United States
0.05

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy8.7%
ValuesDaily Returns

Diversification

Significant diversification

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

Comparative Volatility

 Predicted Return Density 
      Returns 

United States Oil

  
5 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in United States Oil are ranked lower than 5 (%) of all global equities and portfolios over the last 30 days.