Correlation Between Hannon Armstrong and GENERAL
Specify exactly 2 symbols:
By analyzing existing cross correlation between Hannon Armstrong Sustainable and GENERAL ELEC CAP, you can compare the effects of market volatilities on Hannon Armstrong and GENERAL 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 Hannon Armstrong with a short position of GENERAL. Check out your portfolio center. Please also check ongoing floating volatility patterns of Hannon Armstrong and GENERAL.
Diversification Opportunities for Hannon Armstrong and GENERAL
0.26 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Hannon and GENERAL is 0.26. Overlapping area represents the amount of risk that can be diversified away by holding Hannon Armstrong Sustainable and GENERAL ELEC CAP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GENERAL ELEC CAP and Hannon Armstrong 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 Hannon Armstrong Sustainable are associated (or correlated) with GENERAL. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GENERAL ELEC CAP has no effect on the direction of Hannon Armstrong i.e., Hannon Armstrong and GENERAL go up and down completely randomly.
Pair Corralation between Hannon Armstrong and GENERAL
Given the investment horizon of 90 days Hannon Armstrong Sustainable is expected to generate 1.8 times more return on investment than GENERAL. However, Hannon Armstrong is 1.8 times more volatile than GENERAL ELEC CAP. It trades about 0.03 of its potential returns per unit of risk. GENERAL ELEC CAP is currently generating about 0.01 per unit of risk. If you would invest 2,626 in Hannon Armstrong Sustainable on September 12, 2024 and sell it today you would earn a total of 433.00 from holding Hannon Armstrong Sustainable or generate 16.49% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 48.3% |
| Values | Daily Returns |
Hannon Armstrong Sustainable vs. GENERAL ELEC CAP
Performance |
| Timeline |
| Hannon Armstrong Sus |
| GENERAL ELEC CAP |
Hannon Armstrong and GENERAL Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Hannon Armstrong and GENERAL
The main advantage of trading using opposite Hannon Armstrong and GENERAL positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Hannon Armstrong position performs unexpectedly, GENERAL 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 GENERAL will offset losses from the drop in GENERAL's long position.| Hannon Armstrong vs. Crown Castle | Hannon Armstrong vs. American Tower Corp | Hannon Armstrong vs. Iron Mountain Incorporated | Hannon Armstrong vs. Digital Realty Trust |
| GENERAL vs. AEP TEX INC | GENERAL vs. US BANK NATIONAL | GENERAL vs. Recursion Pharmaceuticals | GENERAL vs. SoundHound AI |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Latest Portfolios Quick portfolio dashboard that showcases your latest portfolios | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments |