Correlation Between Anton Oilfield and Pernix
Can any of the company-specific risk be diversified away by investing in both Anton Oilfield and Pernix at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Anton Oilfield and Pernix into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Anton Oilfield Services and Pernix Group, you can compare the effects of market volatilities on Anton Oilfield and Pernix 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 Anton Oilfield with a short position of Pernix. Check out your portfolio center. Please also check ongoing floating volatility patterns of Anton Oilfield and Pernix.
Diversification Opportunities for Anton Oilfield and Pernix
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Anton and Pernix is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Anton Oilfield Services and Pernix Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pernix Group and Anton Oilfield 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 Anton Oilfield Services are associated (or correlated) with Pernix. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pernix Group has no effect on the direction of Anton Oilfield i.e., Anton Oilfield and Pernix go up and down completely randomly.
Pair Corralation between Anton Oilfield and Pernix
If you would invest 1,098 in Anton Oilfield Services on January 25, 2024 and sell it today you would lose (33.00) from holding Anton Oilfield Services or give up 3.01% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Anton Oilfield Services vs. Pernix Group
Performance |
| Timeline |
| Anton Oilfield Services |
| Pernix Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Anton Oilfield and Pernix Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Anton Oilfield and Pernix
The main advantage of trading using opposite Anton Oilfield and Pernix positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Anton Oilfield position performs unexpectedly, Pernix can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Pernix will offset losses from the drop in Pernix's long position.| Anton Oilfield vs. Expro Group Holdings | Anton Oilfield vs. ChampionX | Anton Oilfield vs. Ranger Energy Services | Anton Oilfield vs. Cactus Inc |
| Pernix vs. US Silica Holdings | Pernix vs. Westrock Coffee | Pernix vs. Jacobs Solutions | Pernix vs. Chester Mining |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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