Correlation Between Agilyx AS and BacTech Environmental
Can any of the company-specific risk be diversified away by investing in both Agilyx AS and BacTech Environmental 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 Agilyx AS and BacTech Environmental into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Agilyx AS and BacTech Environmental, you can compare the effects of market volatilities on Agilyx AS and BacTech Environmental 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 Agilyx AS with a short position of BacTech Environmental. Check out your portfolio center. Please also check ongoing floating volatility patterns of Agilyx AS and BacTech Environmental.
Diversification Opportunities for Agilyx AS and BacTech Environmental
-0.58 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Agilyx and BacTech is -0.58. Overlapping area represents the amount of risk that can be diversified away by holding Agilyx AS and BacTech Environmental in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BacTech Environmental and Agilyx AS 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 Agilyx AS are associated (or correlated) with BacTech Environmental. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BacTech Environmental has no effect on the direction of Agilyx AS i.e., Agilyx AS and BacTech Environmental go up and down completely randomly.
Pair Corralation between Agilyx AS and BacTech Environmental
Assuming the 90 days horizon Agilyx AS is expected to under-perform the BacTech Environmental. But the otc stock apears to be less risky and, when comparing its historical volatility, Agilyx AS is 2.79 times less risky than BacTech Environmental. The otc stock trades about -0.29 of its potential returns per unit of risk. The BacTech Environmental is currently generating about 0.14 of returns per unit of risk over similar time horizon. If you would invest 2.20 in BacTech Environmental on November 3, 2024 and sell it today you would earn a total of 0.38 from holding BacTech Environmental or generate 17.27% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Agilyx AS vs. BacTech Environmental
Performance |
| Timeline |
| Agilyx AS |
| BacTech Environmental |
Agilyx AS and BacTech Environmental Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Agilyx AS and BacTech Environmental
The main advantage of trading using opposite Agilyx AS and BacTech Environmental positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Agilyx AS position performs unexpectedly, BacTech Environmental 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 BacTech Environmental will offset losses from the drop in BacTech Environmental's long position.| Agilyx AS vs. Mongolia Growth Group | Agilyx AS vs. Pulse Seismic | Agilyx AS vs. IBC Advanced Alloys | Agilyx AS vs. Ag Growth International |
| BacTech Environmental vs. Agilyx AS | BacTech Environmental vs. EcoPlus | BacTech Environmental vs. BQE Water | BacTech Environmental vs. LiCycle Holdings Corp |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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