Pair Correlation Between TOTAL SA and Hess

This module allows you to analyze existing cross correlation between TOTAL SA and Hess Corporation. You can compare the effects of market volatilities on TOTAL SA 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 TOTAL SA with a short position of Hess. See also your portfolio center. Please also check ongoing floating volatility patterns of TOTAL SA and Hess.
Investment Horizon     30 Days    Login   to change
Symbolsvs
 TOTAL S.A.  vs   Hess Corp.
 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, TOTAL SA is expected to generate 0.61 times more return on investment than Hess. However, TOTAL SA is 1.64 times less risky than Hess. It trades about 0.16 of its potential returns per unit of risk. Hess Corporation is currently generating about 0.02 per unit of risk. If you would invest  5,111  in TOTAL SA on April 29, 2017 and sell it today you would earn a total of  189.00  from holding TOTAL SA or generate 3.7% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between TOTAL SA and Hess
0.39

Parameters

Time Period1 Month [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification

Weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding TOTAL S.A. and Hess Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Hess and TOTAL SA 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 TOTAL SA 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 TOTAL SA i.e. TOTAL SA and Hess go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

TOTAL SA

  
11 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in TOTAL SA are ranked lower than 11 (%) of all global equities and portfolios over the last 30 days.

Hess

  
1 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Hess Corporation are ranked lower than 1 (%) of all global equities and portfolios over the last 30 days.