Correlation Between Star Gas and CHELLARAMS PLC

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Can any of the company-specific risk be diversified away by investing in both Star Gas and CHELLARAMS PLC 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 Star Gas and CHELLARAMS PLC into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Star Gas Partners and CHELLARAMS PLC, you can compare the effects of market volatilities on Star Gas and CHELLARAMS PLC 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 Star Gas with a short position of CHELLARAMS PLC. Check out your portfolio center. Please also check ongoing floating volatility patterns of Star Gas and CHELLARAMS PLC.

Diversification Opportunities for Star Gas and CHELLARAMS PLC

0.42
  Correlation Coefficient

Very weak diversification

The 3 months correlation between Star and CHELLARAMS is 0.42. Overlapping area represents the amount of risk that can be diversified away by holding Star Gas Partners and CHELLARAMS PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CHELLARAMS PLC and Star Gas 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 Star Gas Partners are associated (or correlated) with CHELLARAMS PLC. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CHELLARAMS PLC has no effect on the direction of Star Gas i.e., Star Gas and CHELLARAMS PLC go up and down completely randomly.

Pair Corralation between Star Gas and CHELLARAMS PLC

If you would invest  1,183  in Star Gas Partners on June 5, 2025 and sell it today you would earn a total of  0.00  from holding Star Gas Partners or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthWeak
Accuracy95.65%
ValuesDaily Returns

Star Gas Partners  vs.  CHELLARAMS PLC

 Performance 
       Timeline  
Star Gas Partners 

Risk-Adjusted Performance

Weakest

 
Weak
 
Strong
Over the last 90 days Star Gas Partners has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of comparatively stable technical and fundamental indicators, Star Gas is not utilizing all of its potentials. The recent stock price uproar, may contribute to short-horizon losses for the private investors.
CHELLARAMS PLC 

Risk-Adjusted Performance

Good

 
Weak
 
Strong
Compared to the overall equity markets, risk-adjusted returns on investments in CHELLARAMS PLC are ranked lower than 14 (%) of all global equities and portfolios over the last 90 days. Even with relatively inconsistent basic indicators, CHELLARAMS PLC may actually be approaching a critical reversion point that can send shares even higher in October 2025.

Star Gas and CHELLARAMS PLC Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Star Gas and CHELLARAMS PLC

The main advantage of trading using opposite Star Gas and CHELLARAMS PLC positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Star Gas position performs unexpectedly, CHELLARAMS PLC 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 CHELLARAMS PLC will offset losses from the drop in CHELLARAMS PLC's long position.
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The idea behind Star Gas Partners and CHELLARAMS PLC pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Bonds Directory module to find actively traded corporate debentures issued by US companies.

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