Correlation Between Stratasys and Voxeljet
Can any of the company-specific risk be diversified away by investing in both Stratasys and Voxeljet 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 Voxeljet into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Stratasys and Voxeljet Ag, you can compare the effects of market volatilities on Stratasys and Voxeljet 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 Voxeljet. Check out your portfolio center. Please also check ongoing floating volatility patterns of Stratasys and Voxeljet.
Diversification Opportunities for Stratasys and Voxeljet
Excellent diversification
The 3 months correlation between Stratasys and Voxeljet is -0.64. Overlapping area represents the amount of risk that can be diversified away by holding Stratasys and Voxeljet Ag in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Voxeljet Ag 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 Voxeljet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Voxeljet Ag has no effect on the direction of Stratasys i.e., Stratasys and Voxeljet go up and down completely randomly.
Pair Corralation between Stratasys and Voxeljet
Given the investment horizon of 90 days Stratasys is expected to generate 0.88 times more return on investment than Voxeljet. However, Stratasys is 1.13 times less risky than Voxeljet. It trades about -0.02 of its potential returns per unit of risk. Voxeljet Ag is currently generating about -0.08 per unit of risk. If you would invest 1,439 in Stratasys on August 31, 2024 and sell it today you would lose (484.00) from holding Stratasys or give up 33.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 13.45% |
| Values | Daily Returns |
Stratasys vs. Voxeljet Ag
Performance |
| Timeline |
| Stratasys |
| Voxeljet Ag |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Stratasys and Voxeljet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Stratasys and Voxeljet
The main advantage of trading using opposite Stratasys and Voxeljet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Stratasys position performs unexpectedly, Voxeljet 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 Voxeljet will offset losses from the drop in Voxeljet's long position.| Stratasys vs. RLJ Lodging Trust | Stratasys vs. Aquagold International | Stratasys vs. Stepstone Group | Stratasys vs. Morningstar Unconstrained Allocation |
| Voxeljet vs. Stratasys | Voxeljet vs. Desktop Metal | Voxeljet vs. Nano Dimension | Voxeljet vs. Pure Storage |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
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