Correlation Between Amplitech and ClearOne
Can any of the company-specific risk be diversified away by investing in both Amplitech and ClearOne 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 Amplitech and ClearOne into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amplitech Group and ClearOne, you can compare the effects of market volatilities on Amplitech and ClearOne 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 Amplitech with a short position of ClearOne. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amplitech and ClearOne.
Diversification Opportunities for Amplitech and ClearOne
Very good diversification
The 3 months correlation between Amplitech and ClearOne is -0.21. Overlapping area represents the amount of risk that can be diversified away by holding Amplitech Group and ClearOne in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ClearOne and Amplitech 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 Amplitech Group are associated (or correlated) with ClearOne. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ClearOne has no effect on the direction of Amplitech i.e., Amplitech and ClearOne go up and down completely randomly.
Pair Corralation between Amplitech and ClearOne
Given the investment horizon of 90 days Amplitech Group is expected to under-perform the ClearOne. But the stock apears to be less risky and, when comparing its historical volatility, Amplitech Group is 1.67 times less risky than ClearOne. The stock trades about -0.01 of its potential returns per unit of risk. The ClearOne is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 23.00 in ClearOne on August 28, 2024 and sell it today you would earn a total of 26.00 from holding ClearOne or generate 113.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amplitech Group vs. ClearOne
Performance |
| Timeline |
| Amplitech Group |
| ClearOne |
Amplitech and ClearOne Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amplitech and ClearOne
The main advantage of trading using opposite Amplitech and ClearOne positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amplitech position performs unexpectedly, ClearOne 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 ClearOne will offset losses from the drop in ClearOne's long position.| Amplitech vs. AmpliTech Group | Amplitech vs. AAC Technologies Holdings | Amplitech vs. Aerkomm | Amplitech vs. Airgain |
| ClearOne vs. Actelis Networks | ClearOne vs. Siyata Mobile | ClearOne vs. SatixFy Communications | ClearOne vs. Mobilicom Limited American |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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