Correlation Between Enel Chile and Gabelli Utilities
Can any of the company-specific risk be diversified away by investing in both Enel Chile and Gabelli Utilities 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 Enel Chile and Gabelli Utilities into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Enel Chile SA and Gabelli Utilities, you can compare the effects of market volatilities on Enel Chile and Gabelli Utilities 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 Enel Chile with a short position of Gabelli Utilities. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enel Chile and Gabelli Utilities.
Diversification Opportunities for Enel Chile and Gabelli Utilities
-0.53 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Enel and Gabelli is -0.53. Overlapping area represents the amount of risk that can be diversified away by holding Enel Chile SA and Gabelli Utilities in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Gabelli Utilities and Enel Chile 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 Enel Chile SA are associated (or correlated) with Gabelli Utilities. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Gabelli Utilities has no effect on the direction of Enel Chile i.e., Enel Chile and Gabelli Utilities go up and down completely randomly.
Pair Corralation between Enel Chile and Gabelli Utilities
Given the investment horizon of 90 days Enel Chile SA is expected to generate 2.38 times more return on investment than Gabelli Utilities. However, Enel Chile is 2.38 times more volatile than Gabelli Utilities. It trades about 0.49 of its potential returns per unit of risk. Gabelli Utilities is currently generating about -0.01 per unit of risk. If you would invest 325.00 in Enel Chile SA on June 10, 2025 and sell it today you would earn a total of 45.00 from holding Enel Chile SA or generate 13.85% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Enel Chile SA vs. Gabelli Utilities
Performance |
| Timeline |
| Enel Chile SA |
| Gabelli Utilities |
Enel Chile and Gabelli Utilities Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enel Chile and Gabelli Utilities
The main advantage of trading using opposite Enel Chile and Gabelli Utilities positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enel Chile position performs unexpectedly, Gabelli Utilities 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 Gabelli Utilities will offset losses from the drop in Gabelli Utilities' long position.| Enel Chile vs. Centrais Eltricas Brasileiras | Enel Chile vs. Korea Electric Power | Enel Chile vs. Central Puerto SA | Enel Chile vs. CMS Energy |
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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 Theme Ratings module to determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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