Correlation Between Carnegie Clean and Wind Works
Can any of the company-specific risk be diversified away by investing in both Carnegie Clean and Wind Works 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 Carnegie Clean and Wind Works into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Carnegie Clean Energy and Wind Works Power, you can compare the effects of market volatilities on Carnegie Clean and Wind Works 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 Carnegie Clean with a short position of Wind Works. Check out your portfolio center. Please also check ongoing floating volatility patterns of Carnegie Clean and Wind Works.
Diversification Opportunities for Carnegie Clean and Wind Works
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Carnegie and Wind is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Carnegie Clean Energy and Wind Works Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Wind Works Power and Carnegie Clean 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 Carnegie Clean Energy are associated (or correlated) with Wind Works. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Wind Works Power has no effect on the direction of Carnegie Clean i.e., Carnegie Clean and Wind Works go up and down completely randomly.
Pair Corralation between Carnegie Clean and Wind Works
If you would invest 2.65 in Carnegie Clean Energy on November 4, 2024 and sell it today you would lose (0.65) from holding Carnegie Clean Energy or give up 24.53% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.5% |
| Values | Daily Returns |
Carnegie Clean Energy vs. Wind Works Power
Performance |
| Timeline |
| Carnegie Clean Energy |
| Wind Works Power |
Carnegie Clean and Wind Works Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Carnegie Clean and Wind Works
The main advantage of trading using opposite Carnegie Clean and Wind Works positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Carnegie Clean position performs unexpectedly, Wind Works 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 Wind Works will offset losses from the drop in Wind Works' long position.| Carnegie Clean vs. Astra Energy | Carnegie Clean vs. Brenmiller Energy Ltd | Carnegie Clean vs. Clean Vision Corp | Carnegie Clean vs. Alternus Energy Group |
| Wind Works vs. Astra Energy | Wind Works vs. Brenmiller Energy Ltd | Wind Works vs. Clean Vision Corp | Wind Works vs. Alternus Energy Group |
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 Price Ceiling Movement module to calculate and plot Price Ceiling Movement for different equity instruments.
Other Complementary Tools
| Share Portfolio Track or share privately all of your investments from the convenience of any device | |
| Competition Analyzer Analyze and compare many basic indicators for a group of related or unrelated entities | |
| Portfolio Anywhere Track or share privately all of your investments from the convenience of any device | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance |