Correlation Between Nano One and Applied Graphene
Can any of the company-specific risk be diversified away by investing in both Nano One and Applied Graphene 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 Nano One and Applied Graphene into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nano One Materials and Applied Graphene Materials, you can compare the effects of market volatilities on Nano One and Applied Graphene 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 Nano One with a short position of Applied Graphene. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nano One and Applied Graphene.
Diversification Opportunities for Nano One and Applied Graphene
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Nano and Applied is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Nano One Materials and Applied Graphene Materials in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Applied Graphene Mat and Nano One 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 Nano One Materials are associated (or correlated) with Applied Graphene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Applied Graphene Mat has no effect on the direction of Nano One i.e., Nano One and Applied Graphene go up and down completely randomly.
Pair Corralation between Nano One and Applied Graphene
If you would invest 62.00 in Nano One Materials on October 23, 2024 and sell it today you would earn a total of 1.00 from holding Nano One Materials or generate 1.61% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Nano One Materials vs. Applied Graphene Materials
Performance |
| Timeline |
| Nano One Materials |
| Applied Graphene Mat |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Nano One and Applied Graphene Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nano One and Applied Graphene
The main advantage of trading using opposite Nano One and Applied Graphene positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nano One position performs unexpectedly, Applied Graphene 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 Applied Graphene will offset losses from the drop in Applied Graphene's long position.| Nano One vs. G6 Materials Corp | Nano One vs. Haydale Graphene Industries | Nano One vs. Orica Limited | Nano One vs. Johnson Matthey PLC |
| Applied Graphene vs. First Graphene | Applied Graphene vs. Haydale Graphene Industries | Applied Graphene vs. G6 Materials Corp | Applied Graphene vs. Versarien plc |
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 Headlines Timeline module to stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity.
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