Correlation Between Cleantech Power and BOARDWALK

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Can any of the company-specific risk be diversified away by investing in both Cleantech Power and BOARDWALK 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 BOARDWALK 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 BOARDWALK PIPELINES LP, you can compare the effects of market volatilities on Cleantech Power and BOARDWALK 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 BOARDWALK. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cleantech Power and BOARDWALK.

Diversification Opportunities for Cleantech Power and BOARDWALK

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Cleantech and BOARDWALK is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Cleantech Power Corp and BOARDWALK PIPELINES LP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on BOARDWALK PIPELINES 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 BOARDWALK. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BOARDWALK PIPELINES has no effect on the direction of Cleantech Power i.e., Cleantech Power and BOARDWALK go up and down completely randomly.

Pair Corralation between Cleantech Power and BOARDWALK

If you would invest  10,129  in BOARDWALK PIPELINES LP on August 30, 2024 and sell it today you would earn a total of  265.00  from holding BOARDWALK PIPELINES LP or generate 2.62% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Cleantech Power Corp  vs.  BOARDWALK PIPELINES LP

 Performance 
       Timeline  
Cleantech Power Corp 

Risk-Adjusted Performance

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Over the last 90 days Cleantech Power Corp has generated negative risk-adjusted returns adding no value to investors with long positions. Despite nearly stable basic indicators, Cleantech Power is not utilizing all of its potentials. The recent stock price disturbance, may contribute to mid-run losses for the stockholders.
BOARDWALK PIPELINES 

Risk-Adjusted Performance

6 of 100

 
Weak
 
Strong
Very Weak
Compared to the overall equity markets, risk-adjusted returns on investments in BOARDWALK PIPELINES LP are ranked lower than 6 (%) of all global equities and portfolios over the last 90 days. Despite somewhat strong basic indicators, BOARDWALK is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Cleantech Power and BOARDWALK Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Cleantech Power and BOARDWALK

The main advantage of trading using opposite Cleantech Power and BOARDWALK positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cleantech Power position performs unexpectedly, BOARDWALK 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 BOARDWALK will offset losses from the drop in BOARDWALK's long position.
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The idea behind Cleantech Power Corp and BOARDWALK PIPELINES LP 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.
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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 Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.

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