Correlation Between Apogee Enterprises and 80281LAQ8
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By analyzing existing cross correlation between Apogee Enterprises and SANTANDER UK GROUP, you can compare the effects of market volatilities on Apogee Enterprises and 80281LAQ8 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 80281LAQ8. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Enterprises and 80281LAQ8.
Diversification Opportunities for Apogee Enterprises and 80281LAQ8
0.09 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Apogee and 80281LAQ8 is 0.09. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Enterprises and SANTANDER UK GROUP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SANTANDER UK GROUP 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 80281LAQ8. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SANTANDER UK GROUP has no effect on the direction of Apogee Enterprises i.e., Apogee Enterprises and 80281LAQ8 go up and down completely randomly.
Pair Corralation between Apogee Enterprises and 80281LAQ8
Given the investment horizon of 90 days Apogee Enterprises is expected to generate 17.88 times less return on investment than 80281LAQ8. But when comparing it to its historical volatility, Apogee Enterprises is 26.59 times less risky than 80281LAQ8. It trades about 0.07 of its potential returns per unit of risk. SANTANDER UK GROUP is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 8,568 in SANTANDER UK GROUP on September 12, 2024 and sell it today you would earn a total of 123.00 from holding SANTANDER UK GROUP or generate 1.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 67.88% |
| Values | Daily Returns |
Apogee Enterprises vs. SANTANDER UK GROUP
Performance |
| Timeline |
| Apogee Enterprises |
| SANTANDER UK GROUP |
Apogee Enterprises and 80281LAQ8 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Enterprises and 80281LAQ8
The main advantage of trading using opposite Apogee Enterprises and 80281LAQ8 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Enterprises position performs unexpectedly, 80281LAQ8 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 80281LAQ8 will offset losses from the drop in 80281LAQ8'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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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