Correlation Between Aeva Technologies and Unique Fabricating
Can any of the company-specific risk be diversified away by investing in both Aeva Technologies and Unique Fabricating 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 Aeva Technologies and Unique Fabricating into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aeva Technologies and Unique Fabricating, you can compare the effects of market volatilities on Aeva Technologies and Unique Fabricating 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 Aeva Technologies with a short position of Unique Fabricating. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aeva Technologies and Unique Fabricating.
Diversification Opportunities for Aeva Technologies and Unique Fabricating
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Aeva and Unique is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Aeva Technologies and Unique Fabricating in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Unique Fabricating and Aeva Technologies 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 Aeva Technologies are associated (or correlated) with Unique Fabricating. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Unique Fabricating has no effect on the direction of Aeva Technologies i.e., Aeva Technologies and Unique Fabricating go up and down completely randomly.
Pair Corralation between Aeva Technologies and Unique Fabricating
If you would invest 385.00 in Aeva Technologies on September 5, 2024 and sell it today you would earn a total of 54.00 from holding Aeva Technologies or generate 14.03% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Aeva Technologies vs. Unique Fabricating
Performance |
| Timeline |
| Aeva Technologies |
| Unique Fabricating |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Aeva Technologies and Unique Fabricating Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aeva Technologies and Unique Fabricating
The main advantage of trading using opposite Aeva Technologies and Unique Fabricating positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aeva Technologies position performs unexpectedly, Unique Fabricating 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 Unique Fabricating will offset losses from the drop in Unique Fabricating's long position.| Aeva Technologies vs. Innoviz Technologies | Aeva Technologies vs. Hesai Group American | Aeva Technologies vs. Luminar Technologies | Aeva Technologies vs. Aeye Inc |
| Unique Fabricating vs. Aeva Technologies | Unique Fabricating vs. Innoviz Technologies | Unique Fabricating vs. Hesai Group American | Unique Fabricating vs. Luminar 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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Transaction History View history of all your transactions and understand their impact on performance | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |