Correlation Between Nxu and Tecogen
Can any of the company-specific risk be diversified away by investing in both Nxu and Tecogen 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 Nxu and Tecogen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nxu Inc and Tecogen, you can compare the effects of market volatilities on Nxu and Tecogen 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 Nxu with a short position of Tecogen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nxu and Tecogen.
Diversification Opportunities for Nxu and Tecogen
Very good diversification
The 3 months correlation between Nxu and Tecogen is -0.33. Overlapping area represents the amount of risk that can be diversified away by holding Nxu Inc and Tecogen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Tecogen and Nxu 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 Nxu Inc are associated (or correlated) with Tecogen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Tecogen has no effect on the direction of Nxu i.e., Nxu and Tecogen go up and down completely randomly.
Pair Corralation between Nxu and Tecogen
If you would invest 107.00 in Tecogen on August 31, 2024 and sell it today you would earn a total of 0.00 from holding Tecogen or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.35% |
| Values | Daily Returns |
Nxu Inc vs. Tecogen
Performance |
| Timeline |
| Nxu Inc |
| Tecogen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Nxu and Tecogen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nxu and Tecogen
The main advantage of trading using opposite Nxu and Tecogen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nxu position performs unexpectedly, Tecogen 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 Tecogen will offset losses from the drop in Tecogen's long position.| Nxu vs. Chardan NexTech Acquisition | Nxu vs. Polar Power | Nxu vs. Eos Energy Enterprises | Nxu vs. Sunrise New Energy |
| Tecogen vs. Legrand SA ADR | Tecogen vs. AFC Energy plc | Tecogen vs. Loop Energy | Tecogen vs. Sunrise New Energy |
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 Transaction History module to view history of all your transactions and understand their impact on performance.
Other Complementary Tools
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA |