Correlation Analysis Between Adams Resources and Eni SPA

This module allows you to analyze existing cross correlation between Adams Resources Energy and ENI SpA. You can compare the effects of market volatilities on Adams Resources and Eni SPA 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 Adams Resources with a short position of Eni SPA. See also your portfolio center. Please also check ongoing floating volatility patterns of Adams Resources and Eni SPA.
Horizon     30 Days    Login   to change
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Comparative Performance

Adams Resources Energy  
00

Risk-Adjusted Performance

Over the last 30 days Adams Resources Energy has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest unsteady performance, the Stock's fundamental drivers remain sound and the ongoing tumult on Wall Street may also be a sign of longer-term gains for the firm shareholders.
ENI SpA  
00

Risk-Adjusted Performance

Over the last 30 days ENI SpA has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound fundamental drivers, Eni SPA is not utilizing all of its potentials. The ongoing stock price tumult, may contribute to shorter-term losses for the shareholders.

Adams Resources and Eni SPA Volatility Contrast

 Predicted Return Density 
      Returns 

Adams Resources Energy  vs.  ENI SpA

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, Adams Resources Energy is expected to under-perform the Eni SPA. In addition to that, Adams Resources is 1.84 times more volatile than ENI SpA. It trades about -0.06 of its total potential returns per unit of risk. ENI SpA is currently generating about -0.06 per unit of volatility. If you would invest  3,202  in ENI SpA on September 19, 2019 and sell it today you would lose (135.00)  from holding ENI SpA or give up 4.22% of portfolio value over 30 days.

Pair Corralation between Adams Resources and Eni SPA

0.23
Time Period3 Months [change]
DirectionPositive 
StrengthVery Weak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Adams Resources and Eni SPA

Adams Resources Energy diversification synergy

Modest diversification

Overlapping area represents the amount of risk that can be diversified away by holding Adams Resources Energy and ENI SpA in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ENI SpA and Adams Resources 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 Adams Resources Energy are associated (or correlated) with Eni SPA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENI SpA has no effect on the direction of Adams Resources i.e. Adams Resources and Eni SPA go up and down completely randomly.
See also your portfolio center. Please also try Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.


 
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