Correlation Between Apogee Enterprises and China Clean
Can any of the company-specific risk be diversified away by investing in both Apogee Enterprises and China Clean 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 Apogee Enterprises and China Clean into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apogee Enterprises and China Clean Energy, you can compare the effects of market volatilities on Apogee Enterprises and China Clean 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 Apogee Enterprises with a short position of China Clean. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Enterprises and China Clean.
Diversification Opportunities for Apogee Enterprises and China Clean
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Apogee and China is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Enterprises and China Clean Energy in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on China Clean Energy and Apogee Enterprises 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 Apogee Enterprises are associated (or correlated) with China Clean. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of China Clean Energy has no effect on the direction of Apogee Enterprises i.e., Apogee Enterprises and China Clean go up and down completely randomly.
Pair Corralation between Apogee Enterprises and China Clean
If you would invest 7,484 in Apogee Enterprises on September 1, 2024 and sell it today you would earn a total of 937.00 from holding Apogee Enterprises or generate 12.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Apogee Enterprises vs. China Clean Energy
Performance |
| Timeline |
| Apogee Enterprises |
| China Clean Energy |
Apogee Enterprises and China Clean Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Enterprises and China Clean
The main advantage of trading using opposite Apogee Enterprises and China Clean positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Enterprises position performs unexpectedly, China Clean 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 China Clean will offset losses from the drop in China Clean's long position.| Apogee Enterprises vs. Quanex Building Products | Apogee Enterprises vs. Janus International Group | Apogee Enterprises vs. Interface | Apogee Enterprises vs. Azek Company |
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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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
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