Correlation Between Ascent Solar and SinglePoint
Can any of the company-specific risk be diversified away by investing in both Ascent Solar and SinglePoint 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 SinglePoint 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 SinglePoint, you can compare the effects of market volatilities on Ascent Solar and SinglePoint 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 SinglePoint. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ascent Solar and SinglePoint.
Diversification Opportunities for Ascent Solar and SinglePoint
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Ascent and SinglePoint is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Ascent Solar Technologies, and SinglePoint in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SinglePoint 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 SinglePoint. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SinglePoint has no effect on the direction of Ascent Solar i.e., Ascent Solar and SinglePoint go up and down completely randomly.
Pair Corralation between Ascent Solar and SinglePoint
Given the investment horizon of 90 days Ascent Solar Technologies, is expected to generate 0.53 times more return on investment than SinglePoint. However, Ascent Solar Technologies, is 1.88 times less risky than SinglePoint. It trades about -0.14 of its potential returns per unit of risk. SinglePoint is currently generating about -0.11 per unit of risk. If you would invest 249,600 in Ascent Solar Technologies, on September 1, 2024 and sell it today you would lose (249,333) from holding Ascent Solar Technologies, or give up 99.89% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Ascent Solar Technologies, vs. SinglePoint
Performance |
| Timeline |
| Ascent Solar Technol |
| SinglePoint |
Ascent Solar and SinglePoint Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Ascent Solar and SinglePoint
The main advantage of trading using opposite Ascent Solar and SinglePoint positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ascent Solar position performs unexpectedly, SinglePoint 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 SinglePoint will offset losses from the drop in SinglePoint's long position.| Ascent Solar vs. Asure Software | Ascent Solar vs. BBB Foods | Ascent Solar vs. Marfrig Global Foods | Ascent Solar vs. Playstudios |
| SinglePoint vs. China Changjiang Mining | SinglePoint vs. FTC Solar | SinglePoint vs. Solar Integrated Roofing | SinglePoint vs. Ascent Solar Technologies, |
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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.
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