Pair Correlation Between Petrobras Argentina and TOTAL S |
This module allows you to analyze existing cross correlation between Petrobras Argentina S A and TOTAL S A. You can compare the effects of market volatilities on Petrobras Argentina 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 Petrobras Argentina with a short position of TOTAL S. See also your portfolio center. Please also check ongoing floating volatility patterns of Petrobras Argentina and TOTAL S.
| Investment Horizon | 30 Days Login to change |
| Symbols | vs |
Pair Volatility
Considering 30-days investment horizon, Petrobras Argentina S A is expected to generate 3.78 times more return on investment than TOTAL S. However, Petrobras Argentina is 3.78 times more volatile than TOTAL S A. It trades about 0.24 of its potential returns per unit of risk. TOTAL S A is currently generating about 0.05 per unit of risk. If you would invest 1,067 in Petrobras Argentina S A on July 19, 2017 and sell it today you would earn a total of 167.00 from holding Petrobras Argentina S A or generate 15.65% return on investment over 30 days.
Correlation Coefficient
Pair Corralation between Petrobras Argentina and TOTAL S
-0.26
Parameters
| Time Period | 1 Month [change] |
| Direction | Negative |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Diversification
Very good diversification
Overlapping area represents the amount of risk that can be diversified away by holding Petrobras Argentina S A 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 Petrobras Argentina 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 Petrobras Argentina S A 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 Petrobras Argentina i.e. Petrobras Argentina and TOTAL S go up and down completely randomly.
Comparative Volatility
Petrobras Argentina S |
16 Risk-Adjusted Performance
Risk-Adjusted PerformanceCompared to the overall equity markets, risk-adjusted returns on investments in Petrobras Argentina S A are ranked lower than 16 (%) of all global equities and portfolios over the last 30 days.
Petrobras Argentina S A
Pair trading matchups for Petrobras Argentina
TOTAL S A |
3 Risk-Adjusted Performance
Risk-Adjusted PerformanceCompared to the overall equity markets, risk-adjusted returns on investments in TOTAL S A are ranked lower than 3 (%) of all global equities and portfolios over the last 30 days.
TOTAL S A
Pair trading matchups for TOTAL S