Correlation Between Aeye and Lilium Equity
Can any of the company-specific risk be diversified away by investing in both Aeye and Lilium Equity 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 Aeye and Lilium Equity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aeye Inc and Lilium Equity Warrants, you can compare the effects of market volatilities on Aeye and Lilium Equity 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 Aeye with a short position of Lilium Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aeye and Lilium Equity.
Diversification Opportunities for Aeye and Lilium Equity
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aeye and Lilium is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aeye Inc and Lilium Equity Warrants in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lilium Equity Warrants and Aeye 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 Aeye Inc are associated (or correlated) with Lilium Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lilium Equity Warrants has no effect on the direction of Aeye i.e., Aeye and Lilium Equity go up and down completely randomly.
Pair Corralation between Aeye and Lilium Equity
If you would invest (100.00) in Lilium Equity Warrants on November 27, 2024 and sell it today you would earn a total of 100.00 from holding Lilium Equity Warrants or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Aeye Inc vs. Lilium Equity Warrants
Performance |
| Timeline |
| Aeye Inc |
| Lilium Equity Warrants |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Aeye and Lilium Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aeye and Lilium Equity
The main advantage of trading using opposite Aeye and Lilium Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aeye position performs unexpectedly, Lilium Equity 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 Lilium Equity will offset losses from the drop in Lilium Equity's long position.| Aeye vs. Innoviz Technologies | Aeye vs. Luminar Technologies | Aeye vs. Hesai Group American | Aeye vs. Mobileye Global Class |
| Lilium Equity vs. Joby Aviation | Lilium Equity vs. Archer Aviation WT | Lilium Equity vs. Lilium NV | Lilium Equity vs. AEye Inc |
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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