Correlation Between Green Street and Apogee Enterprises
Can any of the company-specific risk be diversified away by investing in both Green Street and Apogee Enterprises 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 Street and Apogee Enterprises into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Green Street Capital and Apogee Enterprises, you can compare the effects of market volatilities on Green Street and Apogee Enterprises 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 Street with a short position of Apogee Enterprises. Check out your portfolio center. Please also check ongoing floating volatility patterns of Green Street and Apogee Enterprises.
Diversification Opportunities for Green Street and Apogee Enterprises
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Green and Apogee is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Green Street Capital and Apogee Enterprises in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apogee Enterprises and Green Street 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 Street Capital are associated (or correlated) with Apogee Enterprises. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apogee Enterprises has no effect on the direction of Green Street i.e., Green Street and Apogee Enterprises go up and down completely randomly.
Pair Corralation between Green Street and Apogee Enterprises
If you would invest 6,157 in Apogee Enterprises on September 13, 2024 and sell it today you would earn a total of 1,796 from holding Apogee Enterprises or generate 29.17% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 99.2% |
| Values | Daily Returns |
Green Street Capital vs. Apogee Enterprises
Performance |
| Timeline |
| Green Street Capital |
| Apogee Enterprises |
Green Street and Apogee Enterprises Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Green Street and Apogee Enterprises
The main advantage of trading using opposite Green Street and Apogee Enterprises positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Green Street position performs unexpectedly, Apogee Enterprises 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 Apogee Enterprises will offset losses from the drop in Apogee Enterprises' long position.| Green Street vs. Nuveen Global High | Green Street vs. New America High | Green Street vs. Brookfield Business Corp | Green Street vs. Elysee Development Corp |
| Apogee Enterprises vs. Quanex Building Products | Apogee Enterprises vs. Janus International Group | Apogee Enterprises vs. Interface | Apogee Enterprises vs. Azek Company |
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 Correlation Analysis module to reduce portfolio risk simply by holding instruments which are not perfectly correlated.
Other Complementary Tools
| Price Transformation Use Price Transformation models to analyze the depth of different equity instruments across global markets | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments | |
| Price Exposure Probability Analyze equity upside and downside potential for a given time horizon across multiple markets |