Pair Correlation Between Yuma Energy and Antero Resources

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

Pair Volatility

Given the investment horizon of 30 days, Yuma Energy Inc is expected to under-perform the Antero Resources. In addition to that, Yuma Energy is 4.39 times more volatile than Antero Resources Corporation. It trades about -0.21 of its total potential returns per unit of risk. Antero Resources Corporation is currently generating about -0.05 per unit of volatility. If you would invest  1,975  in Antero Resources Corporation on September 21, 2017 and sell it today you would lose (29)  from holding Antero Resources Corporation or give up 1.47% of portfolio value over 30 days.

Correlation Coefficient

Pair Corralation between Yuma Energy and Antero Resources
-0.1

Parameters

Time Period1 Month [change]
DirectionNegative 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Diversification

Good diversification

Overlapping area represents the amount of risk that can be diversified away by holding Yuma Energy Inc and Antero Resources Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Antero Resources and Yuma 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 Yuma Energy Inc are associated (or correlated) with Antero Resources. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Antero Resources has no effect on the direction of Yuma Energy i.e. Yuma Energy and Antero Resources go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 

Yuma Energy Inc

  
0 

Risk-Adjusted Performance

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

Antero Resources

  
0 

Risk-Adjusted Performance

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