Correlation Between SinglePoint and SunPower
Can any of the company-specific risk be diversified away by investing in both SinglePoint and SunPower 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 SunPower into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SinglePoint and SunPower, you can compare the effects of market volatilities on SinglePoint and SunPower 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 SunPower. Check out your portfolio center. Please also check ongoing floating volatility patterns of SinglePoint and SunPower.
Diversification Opportunities for SinglePoint and SunPower
-0.41 | Correlation Coefficient |
Very good diversification
The 3 months correlation between SinglePoint and SunPower is -0.41. Overlapping area represents the amount of risk that can be diversified away by holding SinglePoint and SunPower in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SunPower 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 SunPower. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SunPower has no effect on the direction of SinglePoint i.e., SinglePoint and SunPower go up and down completely randomly.
Pair Corralation between SinglePoint and SunPower
If you would invest (100.00) in SunPower on August 28, 2024 and sell it today you would earn a total of 100.00 from holding SunPower or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 0.0% |
| Values | Daily Returns |
SinglePoint vs. SunPower
Performance |
| Timeline |
| SinglePoint |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| SunPower |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
SinglePoint and SunPower Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SinglePoint and SunPower
The main advantage of trading using opposite SinglePoint and SunPower positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SinglePoint position performs unexpectedly, SunPower 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 SunPower will offset losses from the drop in SunPower's long position.| SinglePoint vs. China Changjiang Mining | SinglePoint vs. FTC Solar | SinglePoint vs. Solar Integrated Roofing | SinglePoint vs. Ascent Solar Technologies, |
| SunPower vs. Enphase Energy | SunPower vs. First Solar | SunPower vs. Sunnova Energy International | SunPower vs. SolarEdge Technologies |
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 Equity Analysis module to research over 250,000 global equities including funds, stocks and ETFs to find investment opportunities.
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