- Companies in United States
- Peer Analysis
This module allows you to analyze existing cross correlation between BP Prudhoe Bay Royalty Trust and SPTSX Comp. You can compare the effects of market volatilities on BP Prudhoe and SPTSX Comp 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 BP Prudhoe with a short position of SPTSX Comp. See also your portfolio center. Please also check ongoing floating volatility patterns of BP Prudhoe and SPTSX Comp.
|Horizon||30 Days Login to change|
Predicted Return Density
BP Prudhoe Bay Royalty Trust vs. SPTSX Comp
Considering 30-days investment horizon, BP Prudhoe Bay Royalty Trust is expected to under-perform the SPTSX Comp. In addition to that, BP Prudhoe is 10.38 times more volatile than SPTSX Comp. It trades about -0.1 of its total potential returns per unit of risk. SPTSX Comp is currently generating about 0.25 per unit of volatility. If you would invest 1,606,790 in SPTSX Comp on March 25, 2019 and sell it today you would earn a total of 58,648 from holding SPTSX Comp or generate 3.65% return on investment over 30 days.
Pair Corralation between BP Prudhoe and SPTSX Comp
|Time Period||2 Months [change]|
Diversification Opportunities for BP Prudhoe and SPTSX Comp
Very good diversification
Overlapping area represents the amount of risk that can be diversified away by holding BP Prudhoe Bay Royalty Trust and SPTSX Comp in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on SPTSX Comp and BP Prudhoe 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 BP Prudhoe Bay Royalty Trust are associated (or correlated) with SPTSX Comp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPTSX Comp has no effect on the direction of BP Prudhoe i.e. BP Prudhoe and SPTSX Comp go up and down completely randomly.
BP Prudhoe Bay Royalty Trust
Pair trading matchups for BP Prudhoe
Pair trading matchups for SPTSX Comp
See also your portfolio center. Please also try Theme Ratings module to determine theme ratings based on digital equity recommendations. macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.