Correlation Between Apogee Enterprises and 53522KAA1
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By analyzing existing cross correlation between Apogee Enterprises and LIN 48 05 DEC 24, you can compare the effects of market volatilities on Apogee Enterprises and 53522KAA1 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 53522KAA1. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Enterprises and 53522KAA1.
Diversification Opportunities for Apogee Enterprises and 53522KAA1
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Apogee and 53522KAA1 is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Enterprises and LIN 48 05 DEC 24 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LIN 48 05 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 53522KAA1. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LIN 48 05 has no effect on the direction of Apogee Enterprises i.e., Apogee Enterprises and 53522KAA1 go up and down completely randomly.
Pair Corralation between Apogee Enterprises and 53522KAA1
Given the investment horizon of 90 days Apogee Enterprises is expected to generate 8.75 times more return on investment than 53522KAA1. However, Apogee Enterprises is 8.75 times more volatile than LIN 48 05 DEC 24. It trades about 0.23 of its potential returns per unit of risk. LIN 48 05 DEC 24 is currently generating about -0.2 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 747.00 from holding Apogee Enterprises or generate 9.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 72.73% |
| Values | Daily Returns |
Apogee Enterprises vs. LIN 48 05 DEC 24
Performance |
| Timeline |
| Apogee Enterprises |
| LIN 48 05 |
Apogee Enterprises and 53522KAA1 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Enterprises and 53522KAA1
The main advantage of trading using opposite Apogee Enterprises and 53522KAA1 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Enterprises position performs unexpectedly, 53522KAA1 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 53522KAA1 will offset losses from the drop in 53522KAA1's long position.| Apogee Enterprises vs. Quanex Building Products | Apogee Enterprises vs. Janus International Group | Apogee Enterprises vs. Interface | Apogee Enterprises vs. Azek Company |
| 53522KAA1 vs. Apogee Enterprises | 53522KAA1 vs. Aldel Financial II | 53522KAA1 vs. Stepstone Group | 53522KAA1 vs. SEI Investments |
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 ETFs module to find actively traded Exchange Traded Funds (ETF) from around the world.
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