Correlation Between FIELDPOINT PETROLEUM and Halliburton

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

Diversification Opportunities for FIELDPOINT PETROLEUM and Halliburton

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between FIELDPOINT and Halliburton is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding FIELDPOINT PETROLEUM CORP and Halliburton in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Halliburton and FIELDPOINT PETROLEUM 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 FIELDPOINT PETROLEUM CORP are associated (or correlated) with Halliburton. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Halliburton has no effect on the direction of FIELDPOINT PETROLEUM i.e., FIELDPOINT PETROLEUM and Halliburton go up and down completely randomly.

Pair Corralation between FIELDPOINT PETROLEUM and Halliburton

If you would invest (100.00)  in FIELDPOINT PETROLEUM CORP on April 8, 2022 and sell it today you would earn a total of  100.00  from holding FIELDPOINT PETROLEUM CORP or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

FIELDPOINT PETROLEUM CORP  vs.  Halliburton

 Performance (%) 
      Timeline 
FIELDPOINT PETROLEUM CORP 
FIELDPOINT Performance
0 of 100
Over the last 90 days FIELDPOINT PETROLEUM CORP has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy basic indicators, FIELDPOINT PETROLEUM is not utilizing all of its potentials. The current stock price disarray, may contribute to short-term losses for the insiders.
Halliburton 
Halliburton Performance
0 of 100
Over the last 90 days Halliburton has generated negative risk-adjusted returns adding no value to investors with long positions. Even with fragile performance in the last few months, the Stock's basic indicators remain relatively steady which may send shares a bit higher in August 2022. The new chaos may also be a sign of medium-term up-swing for the company stakeholders.

Structure and Payout Changes

Forward Annual Dividend Yield
0.0153
Payout Ratio
0.26
Last Split Factor
2:1
Forward Annual Dividend Rate
0.48
Dividend Date
2022-06-22
Ex Dividend Date
2022-05-31
Last Split Date
2006-07-17

Halliburton Price Channel

FIELDPOINT PETROLEUM and Halliburton Volatility Contrast

 Predicted Return Density 
      Returns 

Pair Trading with FIELDPOINT PETROLEUM and Halliburton

The main advantage of trading using opposite FIELDPOINT PETROLEUM and Halliburton positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FIELDPOINT PETROLEUM position performs unexpectedly, Halliburton 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 Halliburton will offset losses from the drop in Halliburton's long position.

FIELDPOINT PETROLEUM CORP

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The effect of pair diversification on risk is to reduce it, but we should note this doesn't apply to all risk types. When we trade pairs against FIELDPOINT PETROLEUM as a counterpart, there is always some inherent risk that will never be diversified away no matter what. This volatility limits the effect of tactical diversification using pair trading. FIELDPOINT PETROLEUM's systematic risk is the inherent uncertainty of the entire market, and therefore cannot be mitigated even by pair-trading it against the equity that is not highly correlated to it. On the other hand, FIELDPOINT PETROLEUM's unsystematic risk describes the types of risk that we can protect against, at least to some degree, by selecting a matching pair that is not perfectly correlated to FIELDPOINT PETROLEUM CORP.
The idea behind FIELDPOINT PETROLEUM CORP and Halliburton 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.
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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.

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