Correlation Between Nexera Energy and ConocoPhillips

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Can any of the company-specific risk be diversified away by investing in both Nexera Energy and ConocoPhillips 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 Nexera Energy and ConocoPhillips into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nexera Energy and ConocoPhillips, you can compare the effects of market volatilities on Nexera Energy and ConocoPhillips 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 Nexera Energy with a short position of ConocoPhillips. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nexera Energy and ConocoPhillips.

Diversification Opportunities for Nexera Energy and ConocoPhillips

  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between Nexera Energy and ConocoPhillips

If you would invest (100.00)  in Nexera Energy on April 6, 2022 and sell it today you would earn a total of  100.00  from holding Nexera Energy or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
ValuesDaily Returns

Nexera Energy  vs.  ConocoPhillips

 Performance (%) 
Nexera Energy 
Nexera Performance
0 of 100
Over the last 90 days Nexera Energy has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of rather sound basic indicators, Nexera Energy is not utilizing all of its potentials. The current stock price tumult, may contribute to shorter-term losses for the shareholders.
ConocoPhillips Performance
0 of 100
Over the last 90 days ConocoPhillips has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy basic indicators, ConocoPhillips is not utilizing all of its potentials. The newest stock price disarray, may contribute to short-term losses for the insiders.

Structure and Payout Changes

Forward Annual Dividend Yield
Payout Ratio
Last Split Factor
Forward Annual Dividend Rate
Dividend Date
Ex Dividend Date
Last Split Date

ConocoPhillips Price Channel

Nexera Energy and ConocoPhillips Volatility Contrast

 Predicted Return Density 

Pair Trading with Nexera Energy and ConocoPhillips

The main advantage of trading using opposite Nexera Energy and ConocoPhillips positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nexera Energy position performs unexpectedly, ConocoPhillips 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 ConocoPhillips will offset losses from the drop in ConocoPhillips' long position.

Nexera Energy

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The effect of pair diversification on risk is to reduce it, but we should note this doesn't apply to all risk types. When we trade pairs against Nexera Energy as a counterpart, there is always some inherent risk that will never be diversified away no matter what. This volatility limits the effect of tactical diversification using pair trading. Nexera Energy's systematic risk is the inherent uncertainty of the entire market, and therefore cannot be mitigated even by pair-trading it against the equity that is not highly correlated to it. On the other hand, Nexera Energy's unsystematic risk describes the types of risk that we can protect against, at least to some degree, by selecting a matching pair that is not perfectly correlated to Nexera Energy.
The idea behind Nexera Energy and ConocoPhillips pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Price Transformation module to use Price Transformation models to analyze depth of different equity instruments across global markets.

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