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Benchmark  United States  NYSE  11,029   12.935 Index Moved Up 0.12%  


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Collecting data for SU and HES ...

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   
 
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Allowing for the 30-days total investment horizon, Suncor Energy Inc is expected to under-perform the Hess. In addition to that, Suncor is 1.47 times more volatile than Hess Corporation. It trades about -0.09 of its total potential returns per unit of risk. Hess Corporation is currently generating about 0.08 per unit of volatility. If you would invest  9,840  in Hess Corporation on June 23, 2014 and sell it today you would earn a total of  140.00  from holding Hess Corporation or generate 1.42% return on investment over 30 days.

Diversification

Poor 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

Correlation Coefficient

0.74
Parameters
Time Period1 Month [change]
DirectionPositive HES Moved Up vs SU
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns
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Historical Performance Chart

Comparative Volatility

Predicted Return Density
 
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Returns:   
SU   HES   

Suncor Energy

  
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

Anadarko Petroleum Corporation vs. Suncor Energy Inc
  

Hess

  
Compared with the overall equity markets, risk-adjusted returns on investments in Hess Corporation are ranked lower than 4 (%) of all global equities and portfolios over the last 30 days.

Pair trading matchups for Hess

Suncor Energy Inc vs. Hess Corporation
Anadarko Petroleum Corporation vs. Hess Corporation


 
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