Correlation Between Elixir Energy and Spindletop

Can any of the company-specific risk be diversified away by investing in both Elixir Energy and Spindletop 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 Elixir Energy and Spindletop into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Elixir Energy Limited and Spindletop OG, you can compare the effects of market volatilities on Elixir Energy and Spindletop 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 Elixir Energy with a short position of Spindletop. Check out your portfolio center. Please also check ongoing floating volatility patterns of Elixir Energy and Spindletop.

Diversification Opportunities for Elixir Energy and Spindletop

0.0

Correlation Coefficient

Elixir Energy  Spindletop

Pay attention - limited upside

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

Pair Corralation between Elixir Energy and Spindletop

If you would invest  318.00  in Spindletop OG on September 15, 2025 and sell it today you would lose (4.00) from holding Spindletop OG or give up 1.26% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	98.48%
Values	Daily Returns

Elixir Energy Limited  vs.  Spindletop OG

Elixir Energy Limited

Risk-Adjusted Performance

Weakest

Over the last 90 days Elixir Energy Limited has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Elixir Energy is not utilizing all of its potentials. The current stock price disturbance, may contribute to mid-run losses for the stockholders.

Spindletop OG

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in Spindletop OG are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of rather fragile basic indicators, Spindletop exhibited solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Elixir Energy and Spindletop

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

The idea behind Elixir Energy Limited and Spindletop OG 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 the AI Portfolio Prophet module to use AI to generate optimal portfolios and find profitable investment opportunities.