Correlation Between AGBA Acquisition and Greenrose Acquisition
Can any of the company-specific risk be diversified away by investing in both AGBA Acquisition and Greenrose Acquisition 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 AGBA Acquisition and Greenrose Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AGBA Acquisition and Greenrose Acquisition Corp, you can compare the effects of market volatilities on AGBA Acquisition and Greenrose Acquisition 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 AGBA Acquisition with a short position of Greenrose Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of AGBA Acquisition and Greenrose Acquisition.
Diversification Opportunities for AGBA Acquisition and Greenrose Acquisition
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between AGBA and Greenrose is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding AGBA Acquisition and Greenrose Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Greenrose Acquisition and AGBA Acquisition 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 AGBA Acquisition are associated (or correlated) with Greenrose Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Greenrose Acquisition has no effect on the direction of AGBA Acquisition i.e., AGBA Acquisition and Greenrose Acquisition go up and down completely randomly.
Pair Corralation between AGBA Acquisition and Greenrose Acquisition
If you would invest 0.59 in Greenrose Acquisition Corp on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Greenrose Acquisition Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
AGBA Acquisition vs. Greenrose Acquisition Corp
Performance |
| Timeline |
| AGBA Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Greenrose Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
AGBA Acquisition and Greenrose Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AGBA Acquisition and Greenrose Acquisition
The main advantage of trading using opposite AGBA Acquisition and Greenrose Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AGBA Acquisition position performs unexpectedly, Greenrose Acquisition 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 Greenrose Acquisition will offset losses from the drop in Greenrose Acquisition's long position.| AGBA Acquisition vs. Magic Empire Global | AGBA Acquisition vs. Netcapital | AGBA Acquisition vs. Mercurity Fintech Holding | AGBA Acquisition vs. Zhong Yang Financial |
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.
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