Correlation Between Stratasys and NEXTERA
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By analyzing existing cross correlation between Stratasys and NEXTERA ENERGY CAPITAL, you can compare the effects of market volatilities on Stratasys and NEXTERA 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 NEXTERA. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stratasys and NEXTERA.
Diversification Opportunities for Stratasys and NEXTERA
Excellent diversification
The 3 months correlation between Stratasys and NEXTERA is -0.68. Overlapping area represents the amount of risk that can be diversified away by holding Stratasys and NEXTERA ENERGY CAPITAL in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NEXTERA ENERGY CAPITAL 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 NEXTERA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NEXTERA ENERGY CAPITAL has no effect on the direction of Stratasys i.e., Stratasys and NEXTERA go up and down completely randomly.
Pair Corralation between Stratasys and NEXTERA
Given the investment horizon of 90 days Stratasys is expected to under-perform the NEXTERA. In addition to that, Stratasys is 4.66 times more volatile than NEXTERA ENERGY CAPITAL. It trades about -0.01 of its total potential returns per unit of risk. NEXTERA ENERGY CAPITAL is currently generating about 0.01 per unit of volatility. If you would invest 8,464 in NEXTERA ENERGY CAPITAL on August 27, 2024 and sell it today you would earn a total of 62.00 from holding NEXTERA ENERGY CAPITAL or generate 0.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 99.56% |
| Values | Daily Returns |
Stratasys vs. NEXTERA ENERGY CAPITAL
Performance |
| Timeline |
| Stratasys |
| NEXTERA ENERGY CAPITAL |
Stratasys and NEXTERA Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stratasys and NEXTERA
The main advantage of trading using opposite Stratasys and NEXTERA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stratasys position performs unexpectedly, NEXTERA 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 NEXTERA will offset losses from the drop in NEXTERA's long position.| Stratasys vs. D Wave Quantum | Stratasys vs. Rigetti Computing | Stratasys vs. Cricut Inc | Stratasys vs. Quantum Computing |
| NEXTERA vs. AEP TEX INC | NEXTERA vs. US BANK NATIONAL | NEXTERA vs. Dupont De Nemours | NEXTERA vs. The Travelers Companies |
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 Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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