Correlation Between Apogee Enterprises and EAGLE
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By analyzing existing cross correlation between Apogee Enterprises and EAGLE MATERIALS INC, you can compare the effects of market volatilities on Apogee Enterprises and EAGLE 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 EAGLE. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Enterprises and EAGLE.
Diversification Opportunities for Apogee Enterprises and EAGLE
-0.51 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Apogee and EAGLE is -0.51. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Enterprises and EAGLE MATERIALS INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EAGLE MATERIALS INC 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 EAGLE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EAGLE MATERIALS INC has no effect on the direction of Apogee Enterprises i.e., Apogee Enterprises and EAGLE go up and down completely randomly.
Pair Corralation between Apogee Enterprises and EAGLE
Given the investment horizon of 90 days Apogee Enterprises is expected to generate 13.71 times less return on investment than EAGLE. But when comparing it to its historical volatility, Apogee Enterprises is 22.63 times less risky than EAGLE. It trades about 0.07 of its potential returns per unit of risk. EAGLE MATERIALS INC is currently generating about 0.04 of returns per unit of risk over similar time horizon. If you would invest 7,845 in EAGLE MATERIALS INC on August 24, 2024 and sell it today you would earn a total of 699.00 from holding EAGLE MATERIALS INC or generate 8.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 91.94% |
| Values | Daily Returns |
Apogee Enterprises vs. EAGLE MATERIALS INC
Performance |
| Timeline |
| Apogee Enterprises |
| EAGLE MATERIALS INC |
Apogee Enterprises and EAGLE Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Enterprises and EAGLE
The main advantage of trading using opposite Apogee Enterprises and EAGLE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Enterprises position performs unexpectedly, EAGLE 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 EAGLE will offset losses from the drop in EAGLE'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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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