Correlation Between Senvest Capital and Tidewater Midstream
Can any of the company-specific risk be diversified away by investing in both Senvest Capital and Tidewater Midstream 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 Senvest Capital and Tidewater Midstream into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Senvest Capital and Tidewater Midstream and, you can compare the effects of market volatilities on Senvest Capital and Tidewater Midstream 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 Senvest Capital with a short position of Tidewater Midstream. Check out your portfolio center. Please also check ongoing floating volatility patterns of Senvest Capital and Tidewater Midstream.
Diversification Opportunities for Senvest Capital and Tidewater Midstream
-0.7 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Senvest and Tidewater is -0.7. Overlapping area represents the amount of risk that can be diversified away by holding Senvest Capital and Tidewater Midstream and in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tidewater Midstream and and Senvest Capital 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 Senvest Capital are associated (or correlated) with Tidewater Midstream. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tidewater Midstream and has no effect on the direction of Senvest Capital i.e., Senvest Capital and Tidewater Midstream go up and down completely randomly.
Pair Corralation between Senvest Capital and Tidewater Midstream
Assuming the 90 days trading horizon Senvest Capital is expected to generate 0.17 times more return on investment than Tidewater Midstream. However, Senvest Capital is 5.88 times less risky than Tidewater Midstream. It trades about 0.07 of its potential returns per unit of risk. Tidewater Midstream and is currently generating about -0.09 per unit of risk. If you would invest 34,500 in Senvest Capital on August 13, 2025 and sell it today you would earn a total of 3,000 from holding Senvest Capital or generate 8.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Senvest Capital vs. Tidewater Midstream and
Performance |
| Timeline |
| Senvest Capital |
| Tidewater Midstream and |
Senvest Capital and Tidewater Midstream Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Senvest Capital and Tidewater Midstream
The main advantage of trading using opposite Senvest Capital and Tidewater Midstream positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Senvest Capital position performs unexpectedly, Tidewater Midstream 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 Tidewater Midstream will offset losses from the drop in Tidewater Midstream's long position.| Senvest Capital vs. Canadian General Investments | Senvest Capital vs. AGF Management Limited | Senvest Capital vs. Dividend 15 Split | Senvest Capital vs. Clairvest Group |
| Tidewater Midstream vs. Baytex Energy Corp | Tidewater Midstream vs. International Petroleum Corp | Tidewater Midstream vs. Terravest Capital | Tidewater Midstream vs. Tamarack Valley Energy |
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 Financial Widgets module to easily integrated Macroaxis content with over 30 different plug-and-play financial widgets.
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