Correlation Between Clevo and Shuttle
Can any of the company-specific risk be diversified away by investing in both Clevo and Shuttle 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 Clevo and Shuttle into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Clevo Co and Shuttle, you can compare the effects of market volatilities on Clevo and Shuttle 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 Clevo with a short position of Shuttle. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clevo and Shuttle.
Diversification Opportunities for Clevo and Shuttle
Very weak diversification
The 3 months correlation between Clevo and Shuttle is 0.49. Overlapping area represents the amount of risk that can be diversified away by holding Clevo Co and Shuttle in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Shuttle and Clevo 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 Clevo Co are associated (or correlated) with Shuttle. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Shuttle has no effect on the direction of Clevo i.e., Clevo and Shuttle go up and down completely randomly.
Pair Corralation between Clevo and Shuttle
Assuming the 90 days trading horizon Clevo Co is expected to generate 1.02 times more return on investment than Shuttle. However, Clevo is 1.02 times more volatile than Shuttle. It trades about -0.06 of its potential returns per unit of risk. Shuttle is currently generating about -0.25 per unit of risk. If you would invest 5,300 in Clevo Co on October 24, 2024 and sell it today you would lose (120.00) from holding Clevo Co or give up 2.26% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 95.45% |
| Values | Daily Returns |
Clevo Co vs. Shuttle
Performance |
| Timeline |
| Clevo |
| Shuttle |
Clevo and Shuttle Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Clevo and Shuttle
The main advantage of trading using opposite Clevo and Shuttle positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Clevo position performs unexpectedly, Shuttle 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 Shuttle will offset losses from the drop in Shuttle's long position.| Clevo vs. Inventec Corp | Clevo vs. Compal Electronics | Clevo vs. Cheng Uei Precision | Clevo vs. Pan International Industrial Corp |
| Shuttle vs. Clevo Co | Shuttle vs. Gigastorage Corp | Shuttle vs. KYE Systems Corp | Shuttle vs. AVerMedia Technologies |
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.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |