Benchmark  United States  NYSE  11,065   132.3682  -1.1821% 


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Correlation analysis between Suncor and Hess  

    
Investment horizon:  
  30 Days    Login   to change
  
This module allows you to analyze existing cross correlation between Suncor Energy Inc and Hess Corporation. You can compare the effects of market volatilities on Suncor and Hess 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 Suncor with a short position of Hess. Please also check ongoing floating volatility patterns of Suncor and Hess.
 Suncor Energy Inc.  vs   Hess Corp.
Daily Returns (%)
SU   HES   
Benchmark  Embed   Timeline 
Allowing for the 30-days total investment horizon, Suncor Energy Inc is expected to under-perform the Hess. But the stock apears to be less risky and, when comparing its historical volatility, Suncor Energy Inc is 1.11 times less risky than Hess. The stock trades about -0.39 of its potential returns per unit of risk. The Hess Corporation is currently generating about -0.32 of returns per unit of risk over similar time horizon. If you would invest  7,522  in Hess Corporation on April 27, 2015 and sell it today you would lose (791) from holding Hess Corporation or give up 10.52% of portfolio value over 30 days.

Correlation Coefficient

0.53

Parameters

Time Period1 Month [change]
DirectionPositive HES Moved Up vs SU
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification

Very weak diversification

Overlapping area represents amount of risk that can be diversified away by holding Suncor Energy Inc. and Hess Corp. in the same portfolio assuming nothing else is changed

Historical Performance Chart

Comparative Volatility

Predicted Return Density  
Benchmark  Embed   Returns 

Suncor Energy

  

Risk-adjusted Performance

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

Pair trading matchups for Suncor

ConocoPhillips vs. Suncor Energy Inc
Enterprise Products Partners LP vs. Suncor Energy Inc
Occidental Petroleum Corporation vs. Suncor Energy Inc
EOG Resources Inc vs. Suncor Energy Inc
Anadarko Petroleum Corporation vs. Suncor Energy Inc
Canadian Natural Resources Limited vs. Suncor Energy Inc
Devon Energy Corporation vs. Suncor Energy Inc
Apache Corp vs. Suncor Energy Inc
Pioneer Natural Resources Co vs. Suncor Energy Inc
  

Hess

  

Risk-adjusted Performance

Over the last 30 days Hess Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.

Pair trading matchups for Hess

ConocoPhillips vs. Hess Corporation
Enterprise Products Partners LP vs. Hess Corporation
Occidental Petroleum Corporation vs. Hess Corporation
EOG Resources Inc vs. Hess Corporation
Anadarko Petroleum Corporation vs. Hess Corporation
Suncor Energy Inc vs. Hess Corporation
Canadian Natural Resources Limited vs. Hess Corporation
Devon Energy Corporation vs. Hess Corporation
Apache Corp vs. Hess Corporation
Pioneer Natural Resources Co vs. Hess Corporation