Correlation Between Stratasys and ENBCN
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By analyzing existing cross correlation between Stratasys and ENBCN 16 04 OCT 26, you can compare the effects of market volatilities on Stratasys and ENBCN 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 ENBCN. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stratasys and ENBCN.
Diversification Opportunities for Stratasys and ENBCN
Excellent diversification
The 3 months correlation between Stratasys and ENBCN is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Stratasys and ENBCN 16 04 OCT 26 in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on ENBCN 16 04 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 ENBCN. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ENBCN 16 04 has no effect on the direction of Stratasys i.e., Stratasys and ENBCN go up and down completely randomly.
Pair Corralation between Stratasys and ENBCN
Given the investment horizon of 90 days Stratasys is expected to generate 4.99 times more return on investment than ENBCN. However, Stratasys is 4.99 times more volatile than ENBCN 16 04 OCT 26. It trades about 0.24 of its potential returns per unit of risk. ENBCN 16 04 OCT 26 is currently generating about -0.21 per unit of risk. If you would invest 733.00 in Stratasys on September 2, 2024 and sell it today you would earn a total of 229.00 from holding Stratasys or generate 31.24% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
Stratasys vs. ENBCN 16 04 OCT 26
Performance |
| Timeline |
| Stratasys |
| ENBCN 16 04 |
Stratasys and ENBCN Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stratasys and ENBCN
The main advantage of trading using opposite Stratasys and ENBCN positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stratasys position performs unexpectedly, ENBCN 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 ENBCN will offset losses from the drop in ENBCN's long position.| Stratasys vs. Nano Dimension | Stratasys vs. IONQ Inc | Stratasys vs. D Wave Quantum | Stratasys vs. Desktop Metal |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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