Correlation Between PGE Corp and Baldwin Lyons
Can any of the company-specific risk be diversified away by investing in both PGE Corp and Baldwin Lyons 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 PGE Corp and Baldwin Lyons into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PGE Corp and Baldwin Lyons, you can compare the effects of market volatilities on PGE Corp and Baldwin Lyons 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 PGE Corp with a short position of Baldwin Lyons. Check out your portfolio center. Please also check ongoing floating volatility patterns of PGE Corp and Baldwin Lyons.
Diversification Opportunities for PGE Corp and Baldwin Lyons
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between PGE and Baldwin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding PGE Corp and Baldwin Lyons in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Baldwin Lyons and PGE Corp 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 PGE Corp are associated (or correlated) with Baldwin Lyons. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Baldwin Lyons has no effect on the direction of PGE Corp i.e., PGE Corp and Baldwin Lyons go up and down completely randomly.
Pair Corralation between PGE Corp and Baldwin Lyons
If you would invest 1,627 in PGE Corp on January 26, 2024 and sell it today you would earn a total of 73.00 from holding PGE Corp or generate 4.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
PGE Corp vs. Baldwin Lyons
Performance |
| Timeline |
| PGE Corp |
| Baldwin Lyons |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
PGE Corp and Baldwin Lyons Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PGE Corp and Baldwin Lyons
The main advantage of trading using opposite PGE Corp and Baldwin Lyons positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PGE Corp position performs unexpectedly, Baldwin Lyons 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 Baldwin Lyons will offset losses from the drop in Baldwin Lyons' long position.| PGE Corp vs. Consolidated Edison | PGE Corp vs. Southern Company | PGE Corp vs. Entergy | PGE Corp vs. Pinnacle West Capital |
| Baldwin Lyons vs. Park Ohio Holdings | Baldwin Lyons vs. Loandepot | Baldwin Lyons vs. Hertz Global Holdings | Baldwin Lyons vs. ChampionX |
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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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