Correlation Between Corning Incorporated and Rex Energy
Can any of the company-specific risk be diversified away by investing in both Corning Incorporated and Rex Energy 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 Corning Incorporated and Rex Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Corning Incorporated and Rex Energy, you can compare the effects of market volatilities on Corning Incorporated and Rex Energy 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 Corning Incorporated with a short position of Rex Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Corning Incorporated and Rex Energy.
Diversification Opportunities for Corning Incorporated and Rex Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Corning and Rex is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Corning Incorporated and Rex Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rex Energy and Corning Incorporated 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 Corning Incorporated are associated (or correlated) with Rex Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rex Energy has no effect on the direction of Corning Incorporated i.e., Corning Incorporated and Rex Energy go up and down completely randomly.
Pair Corralation between Corning Incorporated and Rex Energy
If you would invest (100.00) in Rex Energy on January 26, 2024 and sell it today you would earn a total of 100.00 from holding Rex Energy or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Corning Incorporated vs. Rex Energy
Performance |
| Timeline |
| Corning Incorporated |
| Rex Energy |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Corning Incorporated and Rex Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Corning Incorporated and Rex Energy
The main advantage of trading using opposite Corning Incorporated and Rex Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Corning Incorporated position performs unexpectedly, Rex Energy 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 Rex Energy will offset losses from the drop in Rex Energy's long position.| Corning Incorporated vs. OSI Systems | Corning Incorporated vs. Fabrinet | Corning Incorporated vs. Jabil Circuit | Corning Incorporated vs. Vicor |
| Rex Energy vs. Fidus Investment Corp | Rex Energy vs. Blue Owl Capital | Rex Energy vs. Stepan Company | Rex Energy vs. Golden Energy Offshore |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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