Correlation Between Cleantech Power and Celsius Holdings
Can any of the company-specific risk be diversified away by investing in both Cleantech Power and Celsius Holdings 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 Cleantech Power and Celsius Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cleantech Power Corp and Celsius Holdings, you can compare the effects of market volatilities on Cleantech Power and Celsius Holdings 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 Cleantech Power with a short position of Celsius Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cleantech Power and Celsius Holdings.
Diversification Opportunities for Cleantech Power and Celsius Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cleantech and Celsius is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cleantech Power Corp and Celsius Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Celsius Holdings and Cleantech 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 Cleantech Power Corp are associated (or correlated) with Celsius Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Celsius Holdings has no effect on the direction of Cleantech Power i.e., Cleantech Power and Celsius Holdings go up and down completely randomly.
Pair Corralation between Cleantech Power and Celsius Holdings
If you would invest 2,579 in Celsius Holdings on September 19, 2024 and sell it today you would earn a total of 130.00 from holding Celsius Holdings or generate 5.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 95.45% |
| Values | Daily Returns |
Cleantech Power Corp vs. Celsius Holdings
Performance |
| Timeline |
| Cleantech Power Corp |
| Celsius Holdings |
Cleantech Power and Celsius Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cleantech Power and Celsius Holdings
The main advantage of trading using opposite Cleantech Power and Celsius Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cleantech Power position performs unexpectedly, Celsius Holdings 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 Celsius Holdings will offset losses from the drop in Celsius Holdings' long position.| Cleantech Power vs. First Ship Lease | Cleantech Power vs. Global Ship Lease | Cleantech Power vs. NetEase | Cleantech Power vs. NH Foods Ltd |
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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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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