Correlation Between Plug Power and GREENX METALS

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Plug Power and GREENX METALS 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 Plug Power and GREENX METALS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Plug Power and GREENX METALS LTD, you can compare the effects of market volatilities on Plug Power and GREENX METALS 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 Plug Power with a short position of GREENX METALS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Plug Power and GREENX METALS.

Diversification Opportunities for Plug Power and GREENX METALS

-0.15
  Correlation Coefficient

Good diversification

The 3 months correlation between Plug and GREENX is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Plug Power and GREENX METALS LTD in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GREENX METALS LTD and Plug Power 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 Plug Power are associated (or correlated) with GREENX METALS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GREENX METALS LTD has no effect on the direction of Plug Power i.e., Plug Power and GREENX METALS go up and down completely randomly.

Pair Corralation between Plug Power and GREENX METALS

Assuming the 90 days trading horizon Plug Power is expected to under-perform the GREENX METALS. In addition to that, Plug Power is 1.29 times more volatile than GREENX METALS LTD. It trades about -0.04 of its total potential returns per unit of risk. GREENX METALS LTD is currently generating about 0.02 per unit of volatility. If you would invest  48.00  in GREENX METALS LTD on October 28, 2024 and sell it today you would earn a total of  0.00  from holding GREENX METALS LTD or generate 0.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Plug Power  vs.  GREENX METALS LTD

 Performance 
       Timeline  
Plug Power 

Risk-Adjusted Performance

2 of 100

 
Weak
 
Strong
Weak
Compared to the overall equity markets, risk-adjusted returns on investments in Plug Power are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady basic indicators, Plug Power exhibited solid returns over the last few months and may actually be approaching a breakup point.
GREENX METALS LTD 

Risk-Adjusted Performance

4 of 100

 
Weak
 
Strong
Insignificant
Compared to the overall equity markets, risk-adjusted returns on investments in GREENX METALS LTD are ranked lower than 4 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile primary indicators, GREENX METALS reported solid returns over the last few months and may actually be approaching a breakup point.

Plug Power and GREENX METALS Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Plug Power and GREENX METALS

The main advantage of trading using opposite Plug Power and GREENX METALS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Plug Power position performs unexpectedly, GREENX METALS 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 GREENX METALS will offset losses from the drop in GREENX METALS's long position.
Plug Power vs. UPDATE SOFTWARE
Plug Power vs. MGIC INVESTMENT
Plug Power vs. SEI INVESTMENTS
Plug Power vs. Keck Seng Investments
The idea behind Plug Power and GREENX METALS LTD pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
GREENX METALS vs. Urban Outfitters
GREENX METALS vs. LOANDEPOT INC A
GREENX METALS vs. Air Lease
GREENX METALS vs. Sixt Leasing SE
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..

Other Complementary Tools

Portfolio File Import
Quickly import all of your third-party portfolios from your local drive in csv format
Equity Forecasting
Use basic forecasting models to generate price predictions and determine price momentum
Bond Analysis
Evaluate and analyze corporate bonds as a potential investment for your portfolios.
ETF Categories
List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments
Top Crypto Exchanges
Search and analyze digital assets across top global cryptocurrency exchanges


 
Macroaxis helps investors of all levels and skills to maximize the upside of all their holdings and minimize the risk associated with market volatility, economic swings, and company-specific events. View terms and conditions
 
Feedback Blog
Made with optimal in San Francisco
2024 Macroaxis LLC
COMMON DESTINATIONS
MAIN CATEGORIES
COMPANY