Correlation Between Himalaya Shipping and Excelerate Energy
Can any of the company-specific risk be diversified away by investing in both Himalaya Shipping and Excelerate Energy 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 Himalaya Shipping and Excelerate Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Himalaya Shipping and Excelerate Energy, you can compare the effects of market volatilities on Himalaya Shipping and Excelerate Energy 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 Himalaya Shipping with a short position of Excelerate Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Himalaya Shipping and Excelerate Energy.
Diversification Opportunities for Himalaya Shipping and Excelerate Energy
-0.85 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Himalaya and Excelerate is -0.85. Overlapping area represents the amount of risk that can be diversified away by holding Himalaya Shipping and Excelerate Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Excelerate Energy and Himalaya Shipping 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 Himalaya Shipping are associated (or correlated) with Excelerate Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Excelerate Energy has no effect on the direction of Himalaya Shipping i.e., Himalaya Shipping and Excelerate Energy go up and down completely randomly.
Pair Corralation between Himalaya Shipping and Excelerate Energy
Given the investment horizon of 90 days Himalaya Shipping is expected to generate 1.25 times more return on investment than Excelerate Energy. However, Himalaya Shipping is 1.25 times more volatile than Excelerate Energy. It trades about 0.19 of its potential returns per unit of risk. Excelerate Energy is currently generating about -0.25 per unit of risk. If you would invest 622.00 in Himalaya Shipping on June 9, 2025 and sell it today you would earn a total of 182.00 from holding Himalaya Shipping or generate 29.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Himalaya Shipping vs. Excelerate Energy
Performance |
| Timeline |
| Himalaya Shipping |
| Excelerate Energy |
Himalaya Shipping and Excelerate Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Himalaya Shipping and Excelerate Energy
The main advantage of trading using opposite Himalaya Shipping and Excelerate Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Himalaya Shipping position performs unexpectedly, Excelerate Energy 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 Excelerate Energy will offset losses from the drop in Excelerate Energy's long position.| Himalaya Shipping vs. Seanergy Maritime Holdings | Himalaya Shipping vs. Globus Maritime | Himalaya Shipping vs. TOP Ships | Himalaya Shipping vs. Diana Shipping |
| Excelerate Energy vs. Avista | Excelerate Energy vs. Black Hills | Excelerate Energy vs. Clearway Energy Class | Excelerate Energy vs. Ellomay Capital |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
Other Complementary Tools
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Pair Correlation Compare performance and examine fundamental relationship between any two equity instruments | |
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |