Correlation Between Shape Robotics and Green Hydrogen
Can any of the company-specific risk be diversified away by investing in both Shape Robotics and Green Hydrogen 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 Shape Robotics and Green Hydrogen into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Shape Robotics AS and Green Hydrogen Systems, you can compare the effects of market volatilities on Shape Robotics and Green Hydrogen 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 Shape Robotics with a short position of Green Hydrogen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Shape Robotics and Green Hydrogen.
Diversification Opportunities for Shape Robotics and Green Hydrogen
0.36 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Shape and Green is 0.36. Overlapping area represents the amount of risk that can be diversified away by holding Shape Robotics AS and Green Hydrogen Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Green Hydrogen Systems and Shape Robotics 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 Shape Robotics AS are associated (or correlated) with Green Hydrogen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Green Hydrogen Systems has no effect on the direction of Shape Robotics i.e., Shape Robotics and Green Hydrogen go up and down completely randomly.
Pair Corralation between Shape Robotics and Green Hydrogen
Assuming the 90 days trading horizon Shape Robotics is expected to generate 3.65 times less return on investment than Green Hydrogen. But when comparing it to its historical volatility, Shape Robotics AS is 1.02 times less risky than Green Hydrogen. It trades about 0.07 of its potential returns per unit of risk. Green Hydrogen Systems is currently generating about 0.25 of returns per unit of risk over similar time horizon. If you would invest 212.00 in Green Hydrogen Systems on August 30, 2024 and sell it today you would earn a total of 112.00 from holding Green Hydrogen Systems or generate 52.83% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Shape Robotics AS vs. Green Hydrogen Systems
Performance |
| Timeline |
| Shape Robotics AS |
| Green Hydrogen Systems |
Shape Robotics and Green Hydrogen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Shape Robotics and Green Hydrogen
The main advantage of trading using opposite Shape Robotics and Green Hydrogen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Shape Robotics position performs unexpectedly, Green Hydrogen 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 Green Hydrogen will offset losses from the drop in Green Hydrogen's long position.| Shape Robotics vs. FOM Technologies AS | Shape Robotics vs. Penneo AS | Shape Robotics vs. cBrain AS | Shape Robotics vs. Green Hydrogen Systems |
| Green Hydrogen vs. Ambu AS | Green Hydrogen vs. GN Store Nord | Green Hydrogen vs. Bavarian Nordic | Green Hydrogen vs. FLSmidth Co |
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 Investing Opportunities module to build portfolios using our predefined set of ideas and optimize them against your investing preferences.
Other Complementary Tools
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Equity Analysis Research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities |