Correlation Between FiscalNote Holdings and Ascent Solar
Can any of the company-specific risk be diversified away by investing in both FiscalNote Holdings and Ascent Solar 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 FiscalNote Holdings and Ascent Solar into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FiscalNote Holdings and Ascent Solar Technologies,, you can compare the effects of market volatilities on FiscalNote Holdings and Ascent Solar 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 FiscalNote Holdings with a short position of Ascent Solar. Check out your portfolio center. Please also check ongoing floating volatility patterns of FiscalNote Holdings and Ascent Solar.
Diversification Opportunities for FiscalNote Holdings and Ascent Solar
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between FiscalNote and Ascent is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding FiscalNote Holdings and Ascent Solar Technologies, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ascent Solar Technol and FiscalNote Holdings 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 FiscalNote Holdings are associated (or correlated) with Ascent Solar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ascent Solar Technol has no effect on the direction of FiscalNote Holdings i.e., FiscalNote Holdings and Ascent Solar go up and down completely randomly.
Pair Corralation between FiscalNote Holdings and Ascent Solar
Given the investment horizon of 90 days FiscalNote Holdings is expected to generate 0.54 times more return on investment than Ascent Solar. However, FiscalNote Holdings is 1.87 times less risky than Ascent Solar. It trades about 0.01 of its potential returns per unit of risk. Ascent Solar Technologies, is currently generating about -0.09 per unit of risk. If you would invest 120.00 in FiscalNote Holdings on September 4, 2024 and sell it today you would lose (26.00) from holding FiscalNote Holdings or give up 21.67% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
FiscalNote Holdings vs. Ascent Solar Technologies,
Performance |
| Timeline |
| FiscalNote Holdings |
| Ascent Solar Technol |
FiscalNote Holdings and Ascent Solar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FiscalNote Holdings and Ascent Solar
The main advantage of trading using opposite FiscalNote Holdings and Ascent Solar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FiscalNote Holdings position performs unexpectedly, Ascent Solar 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 Ascent Solar will offset losses from the drop in Ascent Solar's long position.| FiscalNote Holdings vs. Innodata | FiscalNote Holdings vs. International Business Machines | FiscalNote Holdings vs. Aurora Innovation | FiscalNote Holdings vs. BigBearai Holdings |
| Ascent Solar vs. ServiceNow | Ascent Solar vs. Supercom | Ascent Solar vs. CDW Corp | Ascent Solar vs. FiscalNote Holdings |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |