Correlation Between Idglobal Corp and Plug Power
Can any of the company-specific risk be diversified away by investing in both Idglobal Corp and Plug 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 Idglobal Corp and Plug Power into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Idglobal Corp and Plug Power, you can compare the effects of market volatilities on Idglobal Corp and Plug 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 Idglobal Corp with a short position of Plug Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of Idglobal Corp and Plug Power.
Diversification Opportunities for Idglobal Corp and Plug Power
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Idglobal and Plug is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Idglobal Corp and Plug Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Plug Power and Idglobal Corp 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 Idglobal Corp are associated (or correlated) with Plug Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Plug Power has no effect on the direction of Idglobal Corp i.e., Idglobal Corp and Plug Power go up and down completely randomly.
Pair Corralation between Idglobal Corp and Plug Power
If you would invest 226.00 in Plug Power on August 31, 2024 and sell it today you would lose (13.00) from holding Plug Power or give up 5.75% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Idglobal Corp vs. Plug Power
Performance |
| Timeline |
| Idglobal Corp |
| Plug Power |
Idglobal Corp and Plug Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Idglobal Corp and Plug Power
The main advantage of trading using opposite Idglobal Corp and Plug Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Idglobal Corp position performs unexpectedly, Plug 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 Plug Power will offset losses from the drop in Plug Power's long position.| Idglobal Corp vs. Plug Power | Idglobal Corp vs. Eos Energy Enterprises | Idglobal Corp vs. Sunrise New Energy | Idglobal Corp vs. Ozop Surgical Corp |
| Plug Power vs. Bloom Energy Corp | Plug Power vs. Microvast Holdings | Plug Power vs. Solid Power | Plug Power vs. CBAK Energy Technology |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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