Correlation Between Green Star and Applied Graphene
Can any of the company-specific risk be diversified away by investing in both Green Star and Applied Graphene 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 Green Star and Applied Graphene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Green Star Products and Applied Graphene Materials, you can compare the effects of market volatilities on Green Star and Applied Graphene 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 Green Star with a short position of Applied Graphene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Green Star and Applied Graphene.
Diversification Opportunities for Green Star and Applied Graphene
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Green and Applied is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Green Star Products and Applied Graphene Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Applied Graphene Mat and Green Star 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 Green Star Products are associated (or correlated) with Applied Graphene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Applied Graphene Mat has no effect on the direction of Green Star i.e., Green Star and Applied Graphene go up and down completely randomly.
Pair Corralation between Green Star and Applied Graphene
If you would invest 0.10 in Green Star Products on October 23, 2024 and sell it today you would earn a total of 0.00 from holding Green Star Products or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Green Star Products vs. Applied Graphene Materials
Performance |
| Timeline |
| Green Star Products |
| Applied Graphene Mat |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Green Star and Applied Graphene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Green Star and Applied Graphene
The main advantage of trading using opposite Green Star and Applied Graphene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Green Star position performs unexpectedly, Applied Graphene 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 Applied Graphene will offset losses from the drop in Applied Graphene's long position.| Green Star vs. Iofina plc | Green Star vs. Greystone Logistics | Green Star vs. Crown Electrokinetics Corp | Green Star vs. Orica Ltd ADR |
| Applied Graphene vs. First Graphene | Applied Graphene vs. Haydale Graphene Industries | Applied Graphene vs. G6 Materials Corp | Applied Graphene vs. Versarien plc |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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