Correlation Analysis Between Suncor Energy and Hess

This module allows you to analyze existing cross correlation between Suncor Energy 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 and Hess.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Suncor Energy Inc  vs.  Hess Corp.

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Suncor Energy is expected to generate 1.44 times less return on investment than Hess. But when comparing it to its historical volatility, Suncor Energy is 1.46 times less risky than Hess. It trades about 0.33 of its potential returns per unit of risk. Hess Corporation is currently generating about 0.32 of returns per unit of risk over similar time horizon. If you would invest  5,854  in Hess Corporation on April 21, 2018 and sell it today you would earn a total of  612.00  from holding Hess Corporation or generate 10.45% return on investment over 30 days.

Pair Corralation between Suncor Energy and Hess

0.92
Time Period1 Month [change]
DirectionPositive 
StrengthVery Strong
Accuracy95.24%
ValuesDaily Returns

Diversification

Almost no diversification

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 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.

Comparative Volatility

 Predicted Return Density 
      Returns 
Suncor Energy  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Suncor Energy are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.
Hess  
21 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Hess Corporation are ranked lower than 21 (%) of all global equities and portfolios over the last 30 days.

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ExchangeNASDAQ
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