Correlation Between Maj Invest and Chevron

By analyzing existing cross correlation between Maj Invest Makro and Chevron you can compare the effects of market volatilities on Maj Invest and Chevron 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 Maj Invest with a short position of Chevron. Check out your portfolio center. Please also check ongoing floating volatility patterns of Maj Invest and Chevron.

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Can any of the company-specific risk be diversified away by investing in both Maj Invest and Chevron at the same time? Although using correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combing Maj Invest and Chevron into the same portfolio which is an essential part of fundamental portfolio management process.

Diversification Opportunities for Maj Invest and Chevron

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Correlation
MI
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Pay attention - limited upside

The 3 months correlation between MAJMAK and Chevron is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Maj Invest Makro and Chevron Corp. in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Chevron and Maj Invest 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 Maj Invest Makro are associated (or correlated) with Chevron. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Chevron has no effect on the direction of Maj Invest i.e. Maj Invest and Chevron go up and down completely randomly.

Pair Corralation between Maj Invest and Chevron

If you would invest  9,532  in Chevron on May 5, 2020 and sell it today you would earn a total of  127.00  from holding Chevron or generate 1.33% return on investment over 30 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Maj Invest Makro  vs.  Chevron Corp.

 Performance (%) 
      Timeline 
Maj Invest Makro 
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Maj Invest Risk-Adjusted Performance

Over the last 30 days Maj Invest Makro has generated negative risk-adjusted returns adding no value to investors with long positions. Despite somewhat strong basic indicators, Maj Invest is not utilizing all of its potentials. The current stock price disturbance, may contribute to short term losses for the investors.
Chevron 
22

Chevron Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Chevron are ranked lower than 2 (%) of all global equities and portfolios over the last 30 days. Inspite fairly unsteady basic indicators, Chevron showed solid returns over the last few months and may actually be approaching a breakup point.

Maj Invest and Chevron Volatility Contrast

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