Pair Correlation Between TOTAL S and Hess

This module allows you to analyze existing cross correlation between TOTAL S A and Hess Corporation. You can compare the effects of market volatilities on TOTAL S 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 S with a short position of Hess. See also your portfolio center. Please also check ongoing floating volatility patterns of TOTAL S 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 S is expected to generate 4.1 times less return on investment than Hess. But when comparing it to its historical volatility, TOTAL S A is 1.74 times less risky than Hess. It trades about 0.32 of its potential returns per unit of risk. Hess Corporation is currently generating about 0.74 of returns per unit of risk over similar time horizon. If you would invest  3,830  in Hess Corporation on August 27, 2017 and sell it today you would earn a total of  780.00  from holding Hess Corporation or generate 20.37% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between TOTAL S and Hess
0.93

Parameters

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

Diversification

Almost no 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 S 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 S A 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 S i.e. TOTAL S and Hess go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

TOTAL S A

  
21 

Risk-Adjusted Performance

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

Hess

  
51 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Hess Corporation are ranked lower than 51 (%) of all global equities and portfolios over the last 30 days.