Correlation Between Amogreentech and NAU IB
Can any of the company-specific risk be diversified away by investing in both Amogreentech and NAU IB 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 Amogreentech and NAU IB into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amogreentech Co and NAU IB Capital, you can compare the effects of market volatilities on Amogreentech and NAU IB 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 Amogreentech with a short position of NAU IB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amogreentech and NAU IB.
Diversification Opportunities for Amogreentech and NAU IB
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Amogreentech and NAU is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding Amogreentech Co and NAU IB Capital in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NAU IB Capital and Amogreentech 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 Amogreentech Co are associated (or correlated) with NAU IB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NAU IB Capital has no effect on the direction of Amogreentech i.e., Amogreentech and NAU IB go up and down completely randomly.
Pair Corralation between Amogreentech and NAU IB
Assuming the 90 days trading horizon Amogreentech Co is expected to generate 0.37 times more return on investment than NAU IB. However, Amogreentech Co is 2.67 times less risky than NAU IB. It trades about 0.03 of its potential returns per unit of risk. NAU IB Capital is currently generating about -0.06 per unit of risk. If you would invest 594,000 in Amogreentech Co on October 24, 2024 and sell it today you would earn a total of 5,000 from holding Amogreentech Co or generate 0.84% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amogreentech Co vs. NAU IB Capital
Performance |
| Timeline |
| Amogreentech |
| NAU IB Capital |
Amogreentech and NAU IB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amogreentech and NAU IB
The main advantage of trading using opposite Amogreentech and NAU IB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amogreentech position performs unexpectedly, NAU IB 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 NAU IB will offset losses from the drop in NAU IB's long position.| Amogreentech vs. Ecopro BM Co | Amogreentech vs. Shin Heung Energy | Amogreentech vs. Sangsin Energy Display | Amogreentech vs. Amogreentech CoLtd |
| NAU IB vs. Amogreentech Co | NAU IB vs. Daishin Information Communications | NAU IB vs. Wonbang Tech Co | NAU IB vs. Mobileleader CoLtd |
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 Sign In To Macroaxis module to sign in to explore Macroaxis' wealth optimization platform and fintech modules.
Other Complementary Tools
| Portfolio File Import Quickly import all of your third-party portfolios from your local drive in csv format | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |