Correlation Analysis Between Public Service and Dominion Energy

This module allows you to analyze existing cross correlation between Public Service Enterprise Group and Dominion Energy. You can compare the effects of market volatilities on Public Service and Dominion 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 Public Service with a short position of Dominion Energy. See also your portfolio center. Please also check ongoing floating volatility patterns of Public Service and Dominion Energy.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Public Service Enter  
77

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Public Service Enterprise Group are ranked lower than 7 (%) of all global equities and portfolios over the last 30 days. In spite of rather sound fundamental drivers, Public Service is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.
Dominion Energy  
1313

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Dominion Energy are ranked lower than 13 (%) of all global equities and portfolios over the last 30 days. In spite of rather weak fundamental drivers, Dominion Energy may actually be approaching a critical reversion point that can send shares even higher in November 2019.

Public Service and Dominion Energy Volatility Contrast

 Predicted Return Density 
      Returns 

Public Service Enterprise Grou  vs.  Dominion Energy Inc

 Performance (%) 
      Timeline 

Pair Volatility

Considering 30-days investment horizon, Public Service is expected to generate 2.03 times less return on investment than Dominion Energy. But when comparing it to its historical volatility, Public Service Enterprise Group is 1.08 times less risky than Dominion Energy. It trades about 0.11 of its potential returns per unit of risk. Dominion Energy is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest  7,398  in Dominion Energy on September 23, 2019 and sell it today you would earn a total of  905.00  from holding Dominion Energy or generate 12.23% return on investment over 30 days.

Pair Corralation between Public Service and Dominion Energy

0.91
Time Period3 Months [change]
DirectionPositive 
StrengthVery Strong
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Public Service and Dominion Energy

Public Service Enterprise Grou diversification synergy

Almost no diversification

Overlapping area represents the amount of risk that can be diversified away by holding Public Service Enterprise Grou and Dominion Energy Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Dominion Energy and Public Service 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 Public Service Enterprise Group are associated (or correlated) with Dominion Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Dominion Energy has no effect on the direction of Public Service i.e. Public Service and Dominion Energy go up and down completely randomly.
See also your portfolio center. Please also try Technical Analysis module to check basic technical indicators and analysis based on most latest market data.


 
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