Correlation Between Susglobal Energy and Agilyx AS
Can any of the company-specific risk be diversified away by investing in both Susglobal Energy and Agilyx AS 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 Susglobal Energy and Agilyx AS into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Susglobal Energy Corp and Agilyx AS, you can compare the effects of market volatilities on Susglobal Energy and Agilyx AS 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 Susglobal Energy with a short position of Agilyx AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Susglobal Energy and Agilyx AS.
Diversification Opportunities for Susglobal Energy and Agilyx AS
0.03 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Susglobal and Agilyx is 0.03. Overlapping area represents the amount of risk that can be diversified away by holding Susglobal Energy Corp and Agilyx AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilyx AS and Susglobal Energy 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 Susglobal Energy Corp are associated (or correlated) with Agilyx AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilyx AS has no effect on the direction of Susglobal Energy i.e., Susglobal Energy and Agilyx AS go up and down completely randomly.
Pair Corralation between Susglobal Energy and Agilyx AS
Given the investment horizon of 90 days Susglobal Energy Corp is expected to generate 5.74 times more return on investment than Agilyx AS. However, Susglobal Energy is 5.74 times more volatile than Agilyx AS. It trades about 0.06 of its potential returns per unit of risk. Agilyx AS is currently generating about -0.07 per unit of risk. If you would invest 2.30 in Susglobal Energy Corp on October 23, 2024 and sell it today you would lose (0.10) from holding Susglobal Energy Corp or give up 4.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 97.44% |
| Values | Daily Returns |
Susglobal Energy Corp vs. Agilyx AS
Performance |
| Timeline |
| Susglobal Energy Corp |
| Agilyx AS |
Susglobal Energy and Agilyx AS Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Susglobal Energy and Agilyx AS
The main advantage of trading using opposite Susglobal Energy and Agilyx AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Susglobal Energy position performs unexpectedly, Agilyx AS 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 Agilyx AS will offset losses from the drop in Agilyx AS's long position.| Susglobal Energy vs. BQE Water | Susglobal Energy vs. JPX Global | Susglobal Energy vs. Houston Natural Resources | Susglobal Energy vs. Agilyx AS |
| Agilyx AS vs. Mongolia Growth Group | Agilyx AS vs. Pulse Seismic | Agilyx AS vs. IBC Advanced Alloys | Agilyx AS vs. Ag Growth International |
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
| Companies Directory Evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals | |
| Transaction History View history of all your transactions and understand their impact on performance | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data |