Correlation Between Triton International and Paiute Oil

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

By analyzing existing cross correlation between Triton International Limited and Paiute Oil Mining, you can compare the effects of market volatilities on Triton International and Paiute Oil 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 Triton International with a short position of Paiute Oil. Check out your portfolio center. Please also check ongoing floating volatility patterns of Triton International and Paiute Oil.

Diversification Opportunities for Triton International and Paiute Oil

0.0

Correlation Coefficient

Triton International  Paiute Oil

Pay attention - limited upside

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

Pair Corralation between Triton International and Paiute Oil

If you would invest  2,190  in Triton International Limited on May 4, 2025 and sell it today you would earn a total of  247.00  from holding Triton International Limited or generate 11.28% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	98.41%
Values	Daily Returns

Triton International Limited  vs.  Paiute Oil Mining

Triton International

Risk-Adjusted Performance

Solid

Compared to the overall equity markets, risk-adjusted returns on investments in Triton International Limited are ranked lower than 16 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady fundamental indicators, Triton International may actually be approaching a critical reversion point that can send shares even higher in September 2025.

Paiute Oil Mining

Risk-Adjusted Performance

Very Weak

Over the last 90 days Paiute Oil Mining has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively invariable basic indicators, Paiute Oil 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 Triton International and Paiute Oil

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

The idea behind Triton International Limited and Paiute Oil Mining 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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.