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 Energy 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 Energy with a short position of Hess. See also your portfolio center
. Please also check ongoing floating volatility patterns of Suncor Energy
Suncor Energy Inc. vs Hess Corp.
Allowing for the 30-days total investment horizon, Suncor Energy is expected to generate 2.12 times less return on investment than Hess. But when comparing it to its historical volatility, Suncor Energy Inc is 1.78 times less risky than Hess. It trades about 0.12 of its potential returns per unit of risk. Hess Corporation is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 4,579 in Hess Corporation on March 27, 2017 and sell it today you would earn a total of 285.00 from holding Hess Corporation or generate 6.22% return on investment over 30 days.
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Overlapping area represents the 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. The correlation between historical prices or returns on Hess and Suncor Energy 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 Suncor Energy Inc are associated (or correlated) with Hess. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Hess has no effect on the direction of Suncor Energy i.e. Suncor Energy and Hess go up and down completely randomly.
Compared to the overall equity markets, risk-adjusted returns on investments in Suncor Energy Inc are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days.
Compared to the overall equity markets, risk-adjusted returns on investments in Hess Corporation are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days.