Correlation Between Apogee Enterprises and NH Foods
Can any of the company-specific risk be diversified away by investing in both Apogee Enterprises and NH Foods 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 NH Foods into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apogee Enterprises and NH Foods Ltd, you can compare the effects of market volatilities on Apogee Enterprises and NH Foods 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 NH Foods. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Enterprises and NH Foods.
Diversification Opportunities for Apogee Enterprises and NH Foods
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Apogee and NIPMY is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Enterprises and NH Foods Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NH Foods 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 NH Foods. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NH Foods has no effect on the direction of Apogee Enterprises i.e., Apogee Enterprises and NH Foods go up and down completely randomly.
Pair Corralation between Apogee Enterprises and NH Foods
If you would invest 7,669 in Apogee Enterprises on August 27, 2024 and sell it today you would earn a total of 818.00 from holding Apogee Enterprises or generate 10.67% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Apogee Enterprises vs. NH Foods Ltd
Performance |
| Timeline |
| Apogee Enterprises |
| NH Foods |
Apogee Enterprises and NH Foods Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Enterprises and NH Foods
The main advantage of trading using opposite Apogee Enterprises and NH Foods positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Enterprises position performs unexpectedly, NH Foods 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 NH Foods will offset losses from the drop in NH Foods' long position.| Apogee Enterprises vs. Quanex Building Products | Apogee Enterprises vs. Janus International Group | Apogee Enterprises vs. Interface | Apogee Enterprises vs. Azek Company |
| NH Foods vs. Artisan Consumer Goods | NH Foods vs. The A2 Milk | NH Foods vs. BioAdaptives | NH Foods vs. General Mills |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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