Correlation Between Stratasys and Strong Global
Can any of the company-specific risk be diversified away by investing in both Stratasys and Strong Global 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 Stratasys and Strong Global into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stratasys and Strong Global Entertainment,, you can compare the effects of market volatilities on Stratasys and Strong Global 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 Stratasys with a short position of Strong Global. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stratasys and Strong Global.
Diversification Opportunities for Stratasys and Strong Global
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Stratasys and Strong is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Stratasys and Strong Global Entertainment, in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Strong Global Entert and Stratasys 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 Stratasys are associated (or correlated) with Strong Global. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Strong Global Entert has no effect on the direction of Stratasys i.e., Stratasys and Strong Global go up and down completely randomly.
Pair Corralation between Stratasys and Strong Global
If you would invest 749.00 in Stratasys on August 30, 2024 and sell it today you would earn a total of 206.00 from holding Stratasys or generate 27.5% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
Stratasys vs. Strong Global Entertainment,
Performance |
| Timeline |
| Stratasys |
| Strong Global Entert |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Stratasys and Strong Global Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stratasys and Strong Global
The main advantage of trading using opposite Stratasys and Strong Global positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stratasys position performs unexpectedly, Strong Global 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 Strong Global will offset losses from the drop in Strong Global's long position.| Stratasys vs. Nano Dimension | Stratasys vs. IONQ Inc | Stratasys vs. D Wave Quantum | Stratasys vs. Desktop Metal |
| Strong Global vs. National CineMedia | Strong Global vs. Tower One Wireless | Strong Global vs. Acco Brands | Strong Global vs. Here Media |
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 Commodity Directory module to find actively traded commodities issued by global exchanges.
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