Correlation Between Ascent Solar and Accretion Acquisition
Can any of the company-specific risk be diversified away by investing in both Ascent Solar and Accretion Acquisition at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Ascent Solar and Accretion Acquisition into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ascent Solar Technologies, and Accretion Acquisition Corp, you can compare the effects of market volatilities on Ascent Solar and Accretion Acquisition 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 Ascent Solar with a short position of Accretion Acquisition. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ascent Solar and Accretion Acquisition.
Diversification Opportunities for Ascent Solar and Accretion Acquisition
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ascent and Accretion is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Ascent Solar Technologies, and Accretion Acquisition Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Accretion Acquisition and Ascent Solar 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 Ascent Solar Technologies, are associated (or correlated) with Accretion Acquisition. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Accretion Acquisition has no effect on the direction of Ascent Solar i.e., Ascent Solar and Accretion Acquisition go up and down completely randomly.
Pair Corralation between Ascent Solar and Accretion Acquisition
If you would invest 1,042 in Accretion Acquisition Corp on August 29, 2024 and sell it today you would earn a total of 0.00 from holding Accretion Acquisition Corp or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.32% |
| Values | Daily Returns |
Ascent Solar Technologies, vs. Accretion Acquisition Corp
Performance |
| Timeline |
| Ascent Solar Technol |
| Accretion Acquisition |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Ascent Solar and Accretion Acquisition Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ascent Solar and Accretion Acquisition
The main advantage of trading using opposite Ascent Solar and Accretion Acquisition positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ascent Solar position performs unexpectedly, Accretion Acquisition 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 Accretion Acquisition will offset losses from the drop in Accretion Acquisition's long position.| Ascent Solar vs. Black Hills | Ascent Solar vs. Ambev SA ADR | Ascent Solar vs. Boston Beer | Ascent Solar vs. WEC Energy Group |
| Accretion Acquisition vs. Welsbach Technology Metals | Accretion Acquisition vs. Broad Capital Acquisition | Accretion Acquisition vs. Alpha One | Accretion Acquisition vs. Manaris Corp |
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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Portfolio Analyzer Portfolio analysis module that provides access to portfolio diagnostics and optimization engine | |
| Idea Breakdown Analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency |