Correlation Between ENEOS Holdings and 22nd Century
Can any of the company-specific risk be diversified away by investing in both ENEOS Holdings and 22nd Century 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 ENEOS Holdings and 22nd Century into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ENEOS Holdings and 22nd Century Group, you can compare the effects of market volatilities on ENEOS Holdings and 22nd Century 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 ENEOS Holdings with a short position of 22nd Century. Check out your portfolio center. Please also check ongoing floating volatility patterns of ENEOS Holdings and 22nd Century.
Diversification Opportunities for ENEOS Holdings and 22nd Century
-0.73 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ENEOS and 22nd is -0.73. Overlapping area represents the amount of risk that can be diversified away by holding ENEOS Holdings and 22nd Century Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on 22nd Century Group and ENEOS Holdings 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 ENEOS Holdings are associated (or correlated) with 22nd Century. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of 22nd Century Group has no effect on the direction of ENEOS Holdings i.e., ENEOS Holdings and 22nd Century go up and down completely randomly.
Pair Corralation between ENEOS Holdings and 22nd Century
Assuming the 90 days horizon ENEOS Holdings is expected to generate 0.22 times more return on investment than 22nd Century. However, ENEOS Holdings is 4.51 times less risky than 22nd Century. It trades about 0.24 of its potential returns per unit of risk. 22nd Century Group is currently generating about -0.08 per unit of risk. If you would invest 527.00 in ENEOS Holdings on September 2, 2025 and sell it today you would earn a total of 149.00 from holding ENEOS Holdings or generate 28.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 98.46% |
| Values | Daily Returns |
ENEOS Holdings vs. 22nd Century Group
Performance |
| Timeline |
| ENEOS Holdings |
| 22nd Century Group |
ENEOS Holdings and 22nd Century Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ENEOS Holdings and 22nd Century
The main advantage of trading using opposite ENEOS Holdings and 22nd Century positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ENEOS Holdings position performs unexpectedly, 22nd Century 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 22nd Century will offset losses from the drop in 22nd Century's long position.| ENEOS Holdings vs. Ironstone Group | ENEOS Holdings vs. CECO Environmental Corp | ENEOS Holdings vs. AeroVironment | ENEOS Holdings vs. China Petroleum Chemical |
| 22nd Century vs. Vishay Intertechnology | 22nd Century vs. Kingdee International Software | 22nd Century vs. Choice Hotels International | 22nd Century vs. Sunstone Hotel Investors |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| Portfolio Manager State of the art Portfolio Manager to monitor and improve performance of your invested capital | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Alpha Finder Use alpha and beta coefficients to find investment opportunities after accounting for the risk |