Correlation Analysis Between Red Elctrica and Siemens Gamesa

This module allows you to analyze existing cross correlation between Red Elctrica Corporacin S A and Siemens Gamesa Renewable Energy S A. You can compare the effects of market volatilities on Red Elctrica and Siemens Gamesa 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 Red Elctrica with a short position of Siemens Gamesa. See also your portfolio center. Please also check ongoing floating volatility patterns of Red Elctrica and Siemens Gamesa.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Red Elctrica Corporacin  
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Risk-Adjusted Performance

Over the last 30 days Red Elctrica Corporacin S A has generated negative risk-adjusted returns adding no value to investors with long positions. Despite latest weak performance, the Stock's basic indicators remain strong and the current disturbance on Wall Street may also be a sign of long term gains for the company investors.
Siemens Gamesa Renew  
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Risk-Adjusted Performance

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

Red Elctrica and Siemens Gamesa Volatility Contrast

 Predicted Return Density 
      Returns 

Red Elctrica Corporacin S A  vs.  Siemens Gamesa Renewable Energ

 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  1,698  in Siemens Gamesa Renewable Energy S A on March 25, 2019 and sell it today you would earn a total of  0.00  from holding Siemens Gamesa Renewable Energy S A or generate 0.0% return on investment over 30 days.

Pair Corralation between Red Elctrica and Siemens Gamesa

0.0
Time Period2 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy6.67%
ValuesDaily Returns

Diversification Opportunities for Red Elctrica and Siemens Gamesa

Red Elctrica Corporacin S A diversification synergy

Pay attention

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

Red Elctrica Corporacin S A

Pair trading matchups for Red Elctrica

Siemens Gamesa Renewable Energy S A

Pair trading matchups for Siemens Gamesa

See also your portfolio center. Please also try Portfolio Backtesting module to avoid under-diversification and over-optimization by backtesting your portfolios.


 
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