Correlation Between Amprius Technologies and Solid Power
Can any of the company-specific risk be diversified away by investing in both Amprius Technologies and Solid Power 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 Amprius Technologies and Solid Power into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Amprius Technologies and Solid Power, you can compare the effects of market volatilities on Amprius Technologies and Solid Power 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 Amprius Technologies with a short position of Solid Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of Amprius Technologies and Solid Power.
Diversification Opportunities for Amprius Technologies and Solid Power
-0.78 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Amprius and Solid is -0.78. Overlapping area represents the amount of risk that can be diversified away by holding Amprius Technologies and Solid Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Solid Power and Amprius 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 Amprius Technologies are associated (or correlated) with Solid Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Solid Power has no effect on the direction of Amprius Technologies i.e., Amprius Technologies and Solid Power go up and down completely randomly.
Pair Corralation between Amprius Technologies and Solid Power
Given the investment horizon of 90 days Amprius Technologies is expected to generate 3.38 times more return on investment than Solid Power. However, Amprius Technologies is 3.38 times more volatile than Solid Power. It trades about 0.23 of its potential returns per unit of risk. Solid Power is currently generating about 0.0 per unit of risk. If you would invest 135.00 in Amprius Technologies on September 1, 2024 and sell it today you would earn a total of 79.00 from holding Amprius Technologies or generate 58.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Amprius Technologies vs. Solid Power
Performance |
| Timeline |
| Amprius Technologies |
| Solid Power |
Amprius Technologies and Solid Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Amprius Technologies and Solid Power
The main advantage of trading using opposite Amprius Technologies and Solid Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Amprius Technologies position performs unexpectedly, Solid Power 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 Solid Power will offset losses from the drop in Solid Power's long position.| Amprius Technologies vs. Eos Energy Enterprises | Amprius Technologies vs. FREYR Battery SA | Amprius Technologies vs. Microvast Holdings | Amprius Technologies vs. Chardan NexTech Acquisition |
| Solid Power vs. Plug Power | Solid Power vs. FREYR Battery SA | Solid Power vs. FuelCell Energy | Solid Power vs. Enovix 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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
Other Complementary Tools
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Sign In To Macroaxis Sign in to explore Macroaxis' wealth optimization platform and fintech modules | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals |