Correlation Between Apogee Enterprises and 87264ABR5
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By analyzing existing cross correlation between Apogee Enterprises and US87264ABR59, you can compare the effects of market volatilities on Apogee Enterprises and 87264ABR5 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 87264ABR5. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apogee Enterprises and 87264ABR5.
Diversification Opportunities for Apogee Enterprises and 87264ABR5
-0.35 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Apogee and 87264ABR5 is -0.35. Overlapping area represents the amount of risk that can be diversified away by holding Apogee Enterprises and US87264ABR59 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on US87264ABR59 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 87264ABR5. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of US87264ABR59 has no effect on the direction of Apogee Enterprises i.e., Apogee Enterprises and 87264ABR5 go up and down completely randomly.
Pair Corralation between Apogee Enterprises and 87264ABR5
Given the investment horizon of 90 days Apogee Enterprises is expected to generate 4.04 times more return on investment than 87264ABR5. However, Apogee Enterprises is 4.04 times more volatile than US87264ABR59. It trades about 0.13 of its potential returns per unit of risk. US87264ABR59 is currently generating about -0.12 per unit of risk. If you would invest 6,308 in Apogee Enterprises on September 12, 2024 and sell it today you would earn a total of 1,726 from holding Apogee Enterprises or generate 27.37% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.31% |
| Values | Daily Returns |
Apogee Enterprises vs. US87264ABR59
Performance |
| Timeline |
| Apogee Enterprises |
| US87264ABR59 |
Apogee Enterprises and 87264ABR5 Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apogee Enterprises and 87264ABR5
The main advantage of trading using opposite Apogee Enterprises and 87264ABR5 positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apogee Enterprises position performs unexpectedly, 87264ABR5 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 87264ABR5 will offset losses from the drop in 87264ABR5's long position.| Apogee Enterprises vs. Quanex Building Products | Apogee Enterprises vs. Janus International Group | Apogee Enterprises vs. Interface | Apogee Enterprises vs. Azek Company |
| 87264ABR5 vs. Barrick Gold Corp | 87264ABR5 vs. Forsys Metals Corp | 87264ABR5 vs. Perseus Mining Limited | 87264ABR5 vs. National CineMedia |
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 Portfolio Optimization module to compute new portfolio that will generate highest expected return given your specified tolerance for risk.
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