Correlation Analysis Between Companhia Paranaense and Siemens Gamesa

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

Companhia Paranaense  
2020

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Companhia Paranaense de Energia COPEL are ranked lower than 20 (%) of all global equities and portfolios over the last 30 days. Despite somewhat weak basic indicators, Companhia Paranaense sustained solid returns over the last few months and may actually be approaching a breakup point.
Siemens Gamesa Renew  
00

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.

Companhia Paranaense and Siemens Gamesa Volatility Contrast

 Predicted Return Density 
      Returns 

Companhia Paranaense de Energi  vs.  Siemens Gamesa Renewable Energ

 Performance (%) 
      Timeline 

Pair Volatility

If you would invest  1,020  in Companhia Paranaense de Energia COPEL on June 17, 2019 and sell it today you would earn a total of  170.00  from holding Companhia Paranaense de Energia COPEL or generate 16.67% return on investment over 30 days.

Pair Corralation between Companhia Paranaense and Siemens Gamesa

0.0
Time Period2 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy5.0%
ValuesDaily Returns

Diversification Opportunities for Companhia Paranaense and Siemens Gamesa

Companhia Paranaense de Energi diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Companhia Paranaense de Energi 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 Companhia Paranaense 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 Companhia Paranaense de Energia COPEL 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 Companhia Paranaense i.e. Companhia Paranaense and Siemens Gamesa go up and down completely randomly.
See also your portfolio center. Please also try Commodity Channel Index module to use commodity channel index to analyze current equity momentum.


 
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