Correlation Between Quanergy Systems and Genasys
Can any of the company-specific risk be diversified away by investing in both Quanergy Systems and Genasys 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 Quanergy Systems and Genasys into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Quanergy Systems and Genasys, you can compare the effects of market volatilities on Quanergy Systems and Genasys 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 Quanergy Systems with a short position of Genasys. Check out your portfolio center. Please also check ongoing floating volatility patterns of Quanergy Systems and Genasys.
Diversification Opportunities for Quanergy Systems and Genasys
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Quanergy and Genasys is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Quanergy Systems and Genasys in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Genasys and Quanergy Systems 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 Quanergy Systems are associated (or correlated) with Genasys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Genasys has no effect on the direction of Quanergy Systems i.e., Quanergy Systems and Genasys go up and down completely randomly.
Pair Corralation between Quanergy Systems and Genasys
If you would invest 272.00 in Genasys on November 3, 2024 and sell it today you would earn a total of 31.00 from holding Genasys or generate 11.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Quanergy Systems vs. Genasys
Performance |
| Timeline |
| Quanergy Systems |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Genasys |
Quanergy Systems and Genasys Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Quanergy Systems and Genasys
The main advantage of trading using opposite Quanergy Systems and Genasys positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Quanergy Systems position performs unexpectedly, Genasys 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 Genasys will offset losses from the drop in Genasys' long position.| Quanergy Systems vs. Asure Software | Quanergy Systems vs. Inhibrx | Quanergy Systems vs. I Mab | Quanergy Systems vs. Valneva SE ADR |
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 Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.
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