Correlation Between Sunrise New and Axion Power
Can any of the company-specific risk be diversified away by investing in both Sunrise New and Axion Power 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 Sunrise New and Axion Power into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sunrise New Energy and Axion Power International, you can compare the effects of market volatilities on Sunrise New and Axion Power 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 Sunrise New with a short position of Axion Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sunrise New and Axion Power.
Diversification Opportunities for Sunrise New and Axion Power
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Sunrise and Axion is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Sunrise New Energy and Axion Power International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Axion Power International and Sunrise New 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 Sunrise New Energy are associated (or correlated) with Axion Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Axion Power International has no effect on the direction of Sunrise New i.e., Sunrise New and Axion Power go up and down completely randomly.
Pair Corralation between Sunrise New and Axion Power
If you would invest 72.00 in Sunrise New Energy on August 31, 2024 and sell it today you would earn a total of 34.00 from holding Sunrise New Energy or generate 47.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.79% |
| Values | Daily Returns |
Sunrise New Energy vs. Axion Power International
Performance |
| Timeline |
| Sunrise New Energy |
| Axion Power International |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Sunrise New and Axion Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sunrise New and Axion Power
The main advantage of trading using opposite Sunrise New and Axion Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sunrise New position performs unexpectedly, Axion Power 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 Axion Power will offset losses from the drop in Axion Power's long position.| Sunrise New vs. Espey Mfg Electronics | Sunrise New vs. NeoVolta Warrant | Sunrise New vs. Kimball Electronics | Sunrise New vs. Hayward Holdings |
| Axion Power vs. AFC Energy plc | Axion Power vs. ADS TEC ENERGY PLC | Axion Power vs. ABB | Axion Power vs. Ads Tec Energy |
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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