Correlation Between SinglePoint and SolarEdge Technologies
Can any of the company-specific risk be diversified away by investing in both SinglePoint and SolarEdge Technologies 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 SinglePoint and SolarEdge Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SinglePoint and SolarEdge Technologies, you can compare the effects of market volatilities on SinglePoint and SolarEdge Technologies 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 SinglePoint with a short position of SolarEdge Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of SinglePoint and SolarEdge Technologies.
Diversification Opportunities for SinglePoint and SolarEdge Technologies
0.53 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between SinglePoint and SolarEdge is 0.53. Overlapping area represents the amount of risk that can be diversified away by holding SinglePoint and SolarEdge Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SolarEdge Technologies and SinglePoint 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 SinglePoint are associated (or correlated) with SolarEdge Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SolarEdge Technologies has no effect on the direction of SinglePoint i.e., SinglePoint and SolarEdge Technologies go up and down completely randomly.
Pair Corralation between SinglePoint and SolarEdge Technologies
If you would invest 3.60 in SinglePoint on November 4, 2024 and sell it today you would earn a total of 0.00 from holding SinglePoint or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 5.0% |
| Values | Daily Returns |
SinglePoint vs. SolarEdge Technologies
Performance |
| Timeline |
| SinglePoint |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Solid
| SolarEdge Technologies |
SinglePoint and SolarEdge Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SinglePoint and SolarEdge Technologies
The main advantage of trading using opposite SinglePoint and SolarEdge Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SinglePoint position performs unexpectedly, SolarEdge Technologies 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 SolarEdge Technologies will offset losses from the drop in SolarEdge Technologies' long position.| SinglePoint vs. China Changjiang Mining | SinglePoint vs. FTC Solar | SinglePoint vs. Solar Integrated Roofing | SinglePoint vs. Ascent Solar Technologies, |
| SolarEdge Technologies vs. First Solar | SolarEdge Technologies vs. Sunrun Inc | SolarEdge Technologies vs. Canadian Solar | SolarEdge Technologies vs. Enphase Energy |
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 Anywhere module to track or share privately all of your investments from the convenience of any device.
Other Complementary Tools
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio |