Correlation Between SPENN Technology and AGBAW Old
Can any of the company-specific risk be diversified away by investing in both SPENN Technology and AGBAW Old 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 SPENN Technology and AGBAW Old into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between SPENN Technology AS and AGBAW Old, you can compare the effects of market volatilities on SPENN Technology and AGBAW Old 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 SPENN Technology with a short position of AGBAW Old. Check out your portfolio center. Please also check ongoing floating volatility patterns of SPENN Technology and AGBAW Old.
Diversification Opportunities for SPENN Technology and AGBAW Old
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between SPENN and AGBAW is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding SPENN Technology AS and AGBAW Old in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AGBAW Old and SPENN Technology 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 SPENN Technology AS are associated (or correlated) with AGBAW Old. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AGBAW Old has no effect on the direction of SPENN Technology i.e., SPENN Technology and AGBAW Old go up and down completely randomly.
Pair Corralation between SPENN Technology and AGBAW Old
If you would invest (100.00) in AGBAW Old on December 24, 2024 and sell it today you would earn a total of 100.00 from holding AGBAW Old or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
SPENN Technology AS vs. AGBAW Old
Performance |
| Timeline |
| SPENN Technology |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| AGBAW Old |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
SPENN Technology and AGBAW Old Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with SPENN Technology and AGBAW Old
The main advantage of trading using opposite SPENN Technology and AGBAW Old positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if SPENN Technology position performs unexpectedly, AGBAW Old 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 AGBAW Old will offset losses from the drop in AGBAW Old's long position.| SPENN Technology vs. Unum Group | SPENN Technology vs. Chubb | SPENN Technology vs. Fomento Economico Mexicano | SPENN Technology vs. Bowhead Specialty Holdings |
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 Diagnostics module to use generated alerts and portfolio events aggregator to diagnose current holdings.
Other Complementary Tools
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Portfolio Rebalancing Analyze risk-adjusted returns against different time horizons to find asset-allocation targets | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing |