Correlation Between CJ Energy and Halliburton
Can any of the company-specific risk be diversified away by investing in both CJ Energy and Halliburton 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 CJ Energy and Halliburton into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CJ Energy Services and Halliburton, you can compare the effects of market volatilities on CJ Energy and Halliburton 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 CJ Energy with a short position of Halliburton. Check out your portfolio center. Please also check ongoing floating volatility patterns of CJ Energy and Halliburton.
Diversification Opportunities for CJ Energy and Halliburton
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CJ Energy and Halliburton is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CJ Energy Services and Halliburton in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Halliburton and CJ 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 CJ Energy Services are associated (or correlated) with Halliburton. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Halliburton has no effect on the direction of CJ Energy i.e., CJ Energy and Halliburton go up and down completely randomly.
Pair Corralation between CJ Energy and Halliburton
If you would invest 3,504 in Halliburton on January 24, 2024 and sell it today you would earn a total of 355.00 from holding Halliburton or generate 10.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 2.38% |
| Values | Daily Returns |
CJ Energy Services vs. Halliburton
Performance |
| Timeline |
| CJ Energy Services |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Halliburton |
CJ Energy and Halliburton Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CJ Energy and Halliburton
The main advantage of trading using opposite CJ Energy and Halliburton positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CJ Energy position performs unexpectedly, Halliburton 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 Halliburton will offset losses from the drop in Halliburton's long position.| CJ Energy vs. Kontoor Brands | CJ Energy vs. Titan Petrochemicals Group | CJ Energy vs. Boot Barn Holdings | CJ Energy vs. Mills Music Trust |
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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .
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