Correlation Between FieldPoint Petroleum and Cal Dive

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

By analyzing existing cross correlation between FieldPoint Petroleum and Cal Dive International, you can compare the effects of market volatilities on FieldPoint Petroleum and Cal Dive 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 Cal Dive. Check out your portfolio center. Please also check ongoing floating volatility patterns of FieldPoint Petroleum and Cal Dive.

Diversification Opportunities for FieldPoint Petroleum and Cal Dive

0.0

Correlation Coefficient

FieldPoint Petroleum  Cal Dive

Pay attention - limited upside

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

Pair Corralation between FieldPoint Petroleum and Cal Dive

If you would invest  0.00  in Cal Dive International on July 12, 2025 and sell it today you would earn a total of  0.00  from holding Cal Dive International or generate 0.0% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

FieldPoint Petroleum  vs.  Cal Dive International

FieldPoint Petroleum

Risk-Adjusted Performance

Weakest

Over the last 90 days FieldPoint Petroleum has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, FieldPoint Petroleum is not utilizing all of its potentials. The current stock price agitation, may contribute to short-term losses for the retail investors.

Cal Dive International

Risk-Adjusted Performance

Weakest

Over the last 90 days Cal Dive International has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable forward indicators, Cal Dive is not utilizing all of its potentials. The latest stock price agitation, may contribute to short-term losses for the retail investors.

Pair Trading with FieldPoint Petroleum and Cal Dive

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

The idea behind FieldPoint Petroleum and Cal Dive International 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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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 Watchlist Optimization module to optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm.