Correlation Between International Frontier and Birchcliff Energy
Can any of the company-specific risk be diversified away by investing in both International Frontier and Birchcliff 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 International Frontier and Birchcliff Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between International Frontier Resources and Birchcliff Energy, you can compare the effects of market volatilities on International Frontier and Birchcliff 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 International Frontier with a short position of Birchcliff Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of International Frontier and Birchcliff Energy.
Diversification Opportunities for International Frontier and Birchcliff Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between International and Birchcliff is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding International Frontier Resourc and Birchcliff Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Birchcliff Energy and International Frontier 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 International Frontier Resources are associated (or correlated) with Birchcliff Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Birchcliff Energy has no effect on the direction of International Frontier i.e., International Frontier and Birchcliff Energy go up and down completely randomly.
Pair Corralation between International Frontier and Birchcliff Energy
If you would invest 519.00 in Birchcliff Energy on January 26, 2024 and sell it today you would earn a total of 50.00 from holding Birchcliff Energy or generate 9.63% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
International Frontier Resourc vs. Birchcliff Energy
Performance |
| Timeline |
| International Frontier |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
OK
| Birchcliff Energy |
International Frontier and Birchcliff Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with International Frontier and Birchcliff Energy
The main advantage of trading using opposite International Frontier and Birchcliff Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if International Frontier position performs unexpectedly, Birchcliff 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 Birchcliff Energy will offset losses from the drop in Birchcliff Energy's long position.| International Frontier vs. Bausch Health Companies | International Frontier vs. Gatos Silver | International Frontier vs. Flow Beverage Corp | International Frontier vs. CVS HEALTH CDR |
| Birchcliff Energy vs. Tourmaline Oil Corp | Birchcliff Energy vs. ARC Resources | Birchcliff Energy vs. NuVista Energy | Birchcliff Energy vs. Whitecap Resources |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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