Correlation Analysis Between Halliburton and Baker Hughes

This module allows you to analyze existing cross correlation between Halliburton Company and Baker Hughes Incorporated. You can compare the effects of market volatilities on Halliburton and Baker Hughes 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 Halliburton with a short position of Baker Hughes. See also your portfolio center. Please also check ongoing floating volatility patterns of Halliburton and Baker Hughes.
 Time Horizon     30 Days    Login   to change
Symbolsvs

Halliburton Company  vs.  Baker Hughes Incorporated

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Halliburton Company is expected to generate 0.51 times more return on investment than Baker Hughes. However, Halliburton Company is 1.97 times less risky than Baker Hughes. It trades about -0.11 of its potential returns per unit of risk. Baker Hughes Incorporated is currently generating about -0.27 per unit of risk. If you would invest  4,662  in Halliburton Company on June 18, 2018 and sell it today you would lose (156.00)  from holding Halliburton Company or give up 3.35% of portfolio value over 30 days.

Pair Corralation between Halliburton and Baker Hughes

0.14
Time Period1 Month [change]
DirectionPositive 
StrengthInsignificant
Accuracy59.09%
ValuesDaily Returns

Diversification

Average diversification

Overlapping area represents the amount of risk that can be diversified away by holding Halliburton Company and Baker Hughes Incorporated in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Baker Hughes Incorporated and Halliburton 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 Halliburton Company are associated (or correlated) with Baker Hughes. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baker Hughes Incorporated has no effect on the direction of Halliburton i.e. Halliburton and Baker Hughes go up and down completely randomly.

Comparative Volatility

 Predicted Return Density 
      Returns 
Halliburton  
0 

Risk-Adjusted Performance

Over the last 30 days Halliburton Company has generated negative risk-adjusted returns adding no value to investors with long positions.
Baker Hughes Incorporated  
0 

Risk-Adjusted Performance

Over the last 30 days Baker Hughes Incorporated has generated negative risk-adjusted returns adding no value to investors with long positions.

My Equities

My Current Equities and Potential Positions
View AllNext
GOOG - USA Stock
Alphabet
Specialization
IT, Search Cloud And Integrated IT Services
Business Address1600 Amphitheatre Parkway
ExchangeNASDAQ
$1197.29

Thematic Opportunities

Explore Investment Opportunities
Build portfolios using Macroaxis predefined set of investing ideas. Many of Macroaxis investing ideas can easily outperform a given market. Ideas can also be optimized per your risk profile before portfolio origination is invoked.
Explore Thematic Ideas
Explore Investing Ideas  
See also your portfolio center. Please also try Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.