Correlation Between Aker Horizons and Alternus Energy
Can any of the company-specific risk be diversified away by investing in both Aker Horizons and Alternus Energy 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 Aker Horizons and Alternus Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aker Horizons AS and Alternus Energy Group, you can compare the effects of market volatilities on Aker Horizons and Alternus Energy 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 Aker Horizons with a short position of Alternus Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aker Horizons and Alternus Energy.
Diversification Opportunities for Aker Horizons and Alternus Energy
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aker and Alternus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aker Horizons AS and Alternus Energy Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Alternus Energy Group and Aker Horizons 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 Aker Horizons AS are associated (or correlated) with Alternus Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Alternus Energy Group has no effect on the direction of Aker Horizons i.e., Aker Horizons and Alternus Energy go up and down completely randomly.
Pair Corralation between Aker Horizons and Alternus Energy
If you would invest 209.00 in Aker Horizons AS on October 8, 2024 and sell it today you would earn a total of 39.00 from holding Aker Horizons AS or generate 18.66% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 6.25% |
| Values | Daily Returns |
Aker Horizons AS vs. Alternus Energy Group
Performance |
| Timeline |
| Aker Horizons AS |
| Alternus Energy Group |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Insignificant
Aker Horizons and Alternus Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aker Horizons and Alternus Energy
The main advantage of trading using opposite Aker Horizons and Alternus Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aker Horizons position performs unexpectedly, Alternus Energy 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 Alternus Energy will offset losses from the drop in Alternus Energy's long position.| Aker Horizons vs. Aker Carbon Capture | Aker Horizons vs. REC Silicon ASA | Aker Horizons vs. Aker Solutions ASA | Aker Horizons vs. Aker BP ASA |
| Alternus Energy vs. Lery Seafood Group | Alternus Energy vs. Kraft Bank Asa | Alternus Energy vs. Romsdal Sparebank | Alternus Energy vs. Morrow Bank ASA |
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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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