Correlation Between PowerFleet and AmpliTech
Can any of the company-specific risk be diversified away by investing in both PowerFleet and AmpliTech 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 PowerFleet and AmpliTech into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between PowerFleet and AmpliTech Group, you can compare the effects of market volatilities on PowerFleet and AmpliTech 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 PowerFleet with a short position of AmpliTech. Check out your portfolio center. Please also check ongoing floating volatility patterns of PowerFleet and AmpliTech.
Diversification Opportunities for PowerFleet and AmpliTech
0.18 | Correlation Coefficient |
Average diversification
The 3 months correlation between PowerFleet and AmpliTech is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding PowerFleet and AmpliTech Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AmpliTech Group and PowerFleet 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 PowerFleet are associated (or correlated) with AmpliTech. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AmpliTech Group has no effect on the direction of PowerFleet i.e., PowerFleet and AmpliTech go up and down completely randomly.
Pair Corralation between PowerFleet and AmpliTech
If you would invest 2.30 in AmpliTech Group on August 28, 2024 and sell it today you would earn a total of 0.90 from holding AmpliTech Group or generate 39.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
PowerFleet vs. AmpliTech Group
Performance |
| Timeline |
| PowerFleet |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| AmpliTech Group |
PowerFleet and AmpliTech Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with PowerFleet and AmpliTech
The main advantage of trading using opposite PowerFleet and AmpliTech positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if PowerFleet position performs unexpectedly, AmpliTech 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 AmpliTech will offset losses from the drop in AmpliTech's long position.| PowerFleet vs. KVH Industries | PowerFleet vs. Comtech Telecommunications Corp | PowerFleet vs. ADTRAN Inc | PowerFleet vs. Digi International |
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 Equity Valuation module to check real value of public entities based on technical and fundamental data.
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