Correlation Between Sligro Food and Ascent Solar
Can any of the company-specific risk be diversified away by investing in both Sligro Food and Ascent Solar 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 Sligro Food and Ascent Solar into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Sligro Food Group and Ascent Solar Technologies,, you can compare the effects of market volatilities on Sligro Food and Ascent Solar 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 Sligro Food with a short position of Ascent Solar. Check out your portfolio center. Please also check ongoing floating volatility patterns of Sligro Food and Ascent Solar.
Diversification Opportunities for Sligro Food and Ascent Solar
-0.05 | Correlation Coefficient |
Good diversification
The 3 months correlation between Sligro and Ascent is -0.05. Overlapping area represents the amount of risk that can be diversified away by holding Sligro Food Group and Ascent Solar Technologies, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ascent Solar Technol and Sligro Food 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 Sligro Food Group are associated (or correlated) with Ascent Solar. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ascent Solar Technol has no effect on the direction of Sligro Food i.e., Sligro Food and Ascent Solar go up and down completely randomly.
Pair Corralation between Sligro Food and Ascent Solar
Assuming the 90 days horizon Sligro Food Group is expected to generate 0.15 times more return on investment than Ascent Solar. However, Sligro Food Group is 6.73 times less risky than Ascent Solar. It trades about -0.06 of its potential returns per unit of risk. Ascent Solar Technologies, is currently generating about -0.18 per unit of risk. If you would invest 1,726 in Sligro Food Group on August 26, 2024 and sell it today you would lose (526.00) from holding Sligro Food Group or give up 30.48% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 86.32% |
| Values | Daily Returns |
Sligro Food Group vs. Ascent Solar Technologies,
Performance |
| Timeline |
| Sligro Food Group |
| Ascent Solar Technol |
Sligro Food and Ascent Solar Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Sligro Food and Ascent Solar
The main advantage of trading using opposite Sligro Food and Ascent Solar positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Sligro Food position performs unexpectedly, Ascent Solar 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 Ascent Solar will offset losses from the drop in Ascent Solar's long position.| Sligro Food vs. Legacy Education | Sligro Food vs. NVIDIA | Sligro Food vs. Apple Inc | Sligro Food vs. Microsoft |
| Ascent Solar vs. Sligro Food Group | Ascent Solar vs. Xponential Fitness | Ascent Solar vs. Hillman Solutions Corp | Ascent Solar vs. AMCON Distributing |
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 CEOs Directory module to screen CEOs from public companies around the world.
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