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 A is expected to generate 0.32 times more return on investment than Hess. However, TOTAL S A is 3.13 times less risky than Hess. It trades about 0.2 of its potential returns per unit of risk. Hess Corporation is currently generating about -0.05 per unit of risk. If you would invest  5,407  in TOTAL S A on October 23, 2017 and sell it today you would earn a total of  204  from holding TOTAL S A or generate 3.77% return on investment over 30 days.

Correlation Coefficient

Pair Corralation between TOTAL S and Hess
0.76

Parameters

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

Diversification

Poor 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

  
13 

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in TOTAL S A are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days.

Hess

  
0 

Risk-Adjusted Performance

Over the last 30 days Hess Corporation has generated negative risk-adjusted returns adding no value to investors with long positions.