Correlation Between Apogee Enterprises and Allegheny
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By analyzing existing cross correlation between Apogee Enterprises and Allegheny Technologies 5875, you can compare the effects of market volatilities on Apogee Enterprises and Allegheny 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 Allegheny. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Enterprises and Allegheny.
Diversification Opportunities for Apogee Enterprises and Allegheny
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between Apogee and Allegheny is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Enterprises and Allegheny Technologies 5875 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Allegheny Technologies 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 Allegheny. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Allegheny Technologies has no effect on the direction of Apogee Enterprises i.e., Apogee Enterprises and Allegheny go up and down completely randomly.
Pair Corralation between Apogee Enterprises and Allegheny
Given the investment horizon of 90 days Apogee Enterprises is expected to generate 4.6 times more return on investment than Allegheny. However, Apogee Enterprises is 4.6 times more volatile than Allegheny Technologies 5875. It trades about 0.22 of its potential returns per unit of risk. Allegheny Technologies 5875 is currently generating about -0.14 per unit of risk. If you would invest 7,671 in Apogee Enterprises on September 5, 2024 and sell it today you would earn a total of 710.00 from holding Apogee Enterprises or generate 9.26% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 86.36% |
| Values | Daily Returns |
Apogee Enterprises vs. Allegheny Technologies 5875
Performance |
| Timeline |
| Apogee Enterprises |
| Allegheny Technologies |
Apogee Enterprises and Allegheny Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Enterprises and Allegheny
The main advantage of trading using opposite Apogee Enterprises and Allegheny positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Enterprises position performs unexpectedly, Allegheny 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 Allegheny will offset losses from the drop in Allegheny's long position.| Apogee Enterprises vs. Quanex Building Products | Apogee Enterprises vs. Janus International Group | Apogee Enterprises vs. Interface | Apogee Enterprises vs. Azek Company |
| Allegheny vs. The Travelers Companies | Allegheny vs. GE Aerospace | Allegheny vs. Walmart | Allegheny vs. Pfizer Inc |
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 Equity Forecasting module to use basic forecasting models to generate price predictions and determine price momentum.
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