Correlation Between Cleantech Power and MYR
Can any of the company-specific risk be diversified away by investing in both Cleantech Power and MYR 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 MYR 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 MYR Group, you can compare the effects of market volatilities on Cleantech Power and MYR 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 MYR. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cleantech Power and MYR.
Diversification Opportunities for Cleantech Power and MYR
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Cleantech and MYR is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cleantech Power Corp and MYR Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MYR Group 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 MYR. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MYR Group has no effect on the direction of Cleantech Power i.e., Cleantech Power and MYR go up and down completely randomly.
Pair Corralation between Cleantech Power and MYR
If you would invest 12,368 in MYR Group on September 19, 2024 and sell it today you would earn a total of 3,030 from holding MYR Group or generate 24.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 97.62% |
| Values | Daily Returns |
Cleantech Power Corp vs. MYR Group
Performance |
| Timeline |
| Cleantech Power Corp |
| MYR Group |
Cleantech Power and MYR Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cleantech Power and MYR
The main advantage of trading using opposite Cleantech Power and MYR positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cleantech Power position performs unexpectedly, MYR 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 MYR will offset losses from the drop in MYR's long position.| Cleantech Power vs. First Ship Lease | Cleantech Power vs. Global Ship Lease | Cleantech Power vs. NetEase | Cleantech Power vs. NH Foods Ltd |
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 Portfolio File Import module to quickly import all of your third-party portfolios from your local drive in csv format.
Other Complementary Tools
| Balance Of Power Check stock momentum by analyzing Balance Of Power indicator and other technical ratios | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance |