Correlation Between Hill Street and Emera Srs
Can any of the company-specific risk be diversified away by investing in both Hill Street and Emera Srs 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 Hill Street and Emera Srs into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Hill Street Beverage and Emera Srs C, you can compare the effects of market volatilities on Hill Street and Emera Srs 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 Hill Street with a short position of Emera Srs. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hill Street and Emera Srs.
Diversification Opportunities for Hill Street and Emera Srs
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Hill and Emera is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Hill Street Beverage and Emera Srs C in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Emera Srs C and Hill Street 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 Hill Street Beverage are associated (or correlated) with Emera Srs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Emera Srs C has no effect on the direction of Hill Street i.e., Hill Street and Emera Srs go up and down completely randomly.
Pair Corralation between Hill Street and Emera Srs
Assuming the 90 days trading horizon Hill Street Beverage is expected to under-perform the Emera Srs. In addition to that, Hill Street is 3.04 times more volatile than Emera Srs C. It trades about -0.1 of its total potential returns per unit of risk. Emera Srs C is currently generating about 0.11 per unit of volatility. If you would invest 2,447 in Emera Srs C on September 8, 2025 and sell it today you would earn a total of 92.00 from holding Emera Srs C or generate 3.76% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
Hill Street Beverage vs. Emera Srs C
Performance |
| Timeline |
| Hill Street Beverage |
| Emera Srs C |
Hill Street and Emera Srs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hill Street and Emera Srs
The main advantage of trading using opposite Hill Street and Emera Srs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hill Street position performs unexpectedly, Emera Srs 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 Emera Srs will offset losses from the drop in Emera Srs' long position.| Hill Street vs. Organto Foods Incorporated | Hill Street vs. Sparx Technology | Hill Street vs. A W FOOD | Hill Street vs. WonderFi Technologies |
| Emera Srs vs. Brookfield Infrastructure Partners | Emera Srs vs. Emera Pref A | Emera Srs vs. Brookfield Infrastructure Partners | Emera Srs vs. ATCO |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
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