Correlation Between Energy Vault and Heliogen
Can any of the company-specific risk be diversified away by investing in both Energy Vault and Heliogen 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 Energy Vault and Heliogen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Energy Vault Holdings and Heliogen, you can compare the effects of market volatilities on Energy Vault and Heliogen 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 Energy Vault with a short position of Heliogen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Energy Vault and Heliogen.
Diversification Opportunities for Energy Vault and Heliogen
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Energy and Heliogen is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Energy Vault Holdings and Heliogen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Heliogen and Energy Vault 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 Energy Vault Holdings are associated (or correlated) with Heliogen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Heliogen has no effect on the direction of Energy Vault i.e., Energy Vault and Heliogen go up and down completely randomly.
Pair Corralation between Energy Vault and Heliogen
If you would invest 204.00 in Energy Vault Holdings on November 1, 2024 and sell it today you would lose (19.00) from holding Energy Vault Holdings or give up 9.31% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 1.67% |
| Values | Daily Returns |
Energy Vault Holdings vs. Heliogen
Performance |
| Timeline |
| Energy Vault Holdings |
| Heliogen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Energy Vault and Heliogen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Energy Vault and Heliogen
The main advantage of trading using opposite Energy Vault and Heliogen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Energy Vault position performs unexpectedly, Heliogen 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 Heliogen will offset losses from the drop in Heliogen's long position.| Energy Vault vs. Renew Energy Global | Energy Vault vs. Fluence Energy | Energy Vault vs. Enlight Renewable Energy | Energy Vault vs. Advent Technologies 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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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