Correlation Between Whiting Petroleum and GoPro
Can any of the company-specific risk be diversified away by investing in both Whiting Petroleum and GoPro 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 Whiting Petroleum and GoPro into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Whiting Petroleum and GoPro Inc, you can compare the effects of market volatilities on Whiting Petroleum and GoPro 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 Whiting Petroleum with a short position of GoPro. Check out your portfolio center. Please also check ongoing floating volatility patterns of Whiting Petroleum and GoPro.
Diversification Opportunities for Whiting Petroleum and GoPro
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Whiting and GoPro is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Whiting Petroleum and GoPro Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GoPro Inc and Whiting Petroleum 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 Whiting Petroleum are associated (or correlated) with GoPro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GoPro Inc has no effect on the direction of Whiting Petroleum i.e., Whiting Petroleum and GoPro go up and down completely randomly.
Pair Corralation between Whiting Petroleum and GoPro
If you would invest 6,803 in Whiting Petroleum on January 26, 2024 and sell it today you would earn a total of 0.00 from holding Whiting Petroleum or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Insignificant |
Accuracy | 4.76% |
Values | Daily Returns |
Whiting Petroleum vs. GoPro Inc
Performance |
Timeline |
Whiting Petroleum |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
GoPro Inc |
Whiting Petroleum and GoPro Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Whiting Petroleum and GoPro
The main advantage of trading using opposite Whiting Petroleum and GoPro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Whiting Petroleum position performs unexpectedly, GoPro 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 GoPro will offset losses from the drop in GoPro's long position.Whiting Petroleum vs. Kingdee International Software | Whiting Petroleum vs. Cars Inc | Whiting Petroleum vs. Wabash National | Whiting Petroleum vs. PACCAR Inc |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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