Correlation Between HYZON Motors and Electric Last
Can any of the company-specific risk be diversified away by investing in both HYZON Motors and Electric Last 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 HYZON Motors and Electric Last into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HYZON Motors and Electric Last Mile, you can compare the effects of market volatilities on HYZON Motors and Electric Last 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 HYZON Motors with a short position of Electric Last. Check out your portfolio center. Please also check ongoing floating volatility patterns of HYZON Motors and Electric Last.
Diversification Opportunities for HYZON Motors and Electric Last
-0.07 | Correlation Coefficient |
Good diversification
The 3 months correlation between HYZON and Electric is -0.07. Overlapping area represents the amount of risk that can be diversified away by holding HYZON Motors and Electric Last Mile in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Electric Last Mile and HYZON Motors 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 HYZON Motors are associated (or correlated) with Electric Last. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Electric Last Mile has no effect on the direction of HYZON Motors i.e., HYZON Motors and Electric Last go up and down completely randomly.
Pair Corralation between HYZON Motors and Electric Last
If you would invest 3.00 in HYZON Motors on September 3, 2024 and sell it today you would lose (0.80) from holding HYZON Motors or give up 26.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 0.81% |
| Values | Daily Returns |
HYZON Motors vs. Electric Last Mile
Performance |
| Timeline |
| HYZON Motors |
| Electric Last Mile |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
HYZON Motors and Electric Last Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with HYZON Motors and Electric Last
The main advantage of trading using opposite HYZON Motors and Electric Last positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HYZON Motors position performs unexpectedly, Electric Last 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 Electric Last will offset losses from the drop in Electric Last's long position.| HYZON Motors vs. Faraday Future Intelligent | HYZON Motors vs. NextNav Warrant | HYZON Motors vs. Inspira Technologies Oxy |
| Electric Last vs. Cenntro Electric Group | Electric Last vs. Faraday Future Intelligent | Electric Last vs. Mullen Automotive | Electric Last vs. Vaporbrands Intl |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
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