Correlation Between Tecogen and Sprinklr
Can any of the company-specific risk be diversified away by investing in both Tecogen and Sprinklr 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 Tecogen and Sprinklr into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Tecogen and Sprinklr, you can compare the effects of market volatilities on Tecogen and Sprinklr 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 Tecogen with a short position of Sprinklr. Check out your portfolio center. Please also check ongoing floating volatility patterns of Tecogen and Sprinklr.
Diversification Opportunities for Tecogen and Sprinklr
Average diversification
The 3 months correlation between Tecogen and Sprinklr is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Tecogen and Sprinklr in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Sprinklr and Tecogen 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 Tecogen are associated (or correlated) with Sprinklr. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Sprinklr has no effect on the direction of Tecogen i.e., Tecogen and Sprinklr go up and down completely randomly.
Pair Corralation between Tecogen and Sprinklr
Given the investment horizon of 90 days Tecogen is expected to generate 2.16 times more return on investment than Sprinklr. However, Tecogen is 2.16 times more volatile than Sprinklr. It trades about 0.02 of its potential returns per unit of risk. Sprinklr is currently generating about 0.0 per unit of risk. If you would invest 119.00 in Tecogen on November 1, 2024 and sell it today you would lose (12.00) from holding Tecogen or give up 10.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 22.92% |
| Values | Daily Returns |
Tecogen vs. Sprinklr
Performance |
| Timeline |
| Tecogen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Sprinklr |
Tecogen and Sprinklr Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Tecogen and Sprinklr
The main advantage of trading using opposite Tecogen and Sprinklr positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Tecogen position performs unexpectedly, Sprinklr 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 Sprinklr will offset losses from the drop in Sprinklr's long position.| Tecogen vs. Legrand SA ADR | Tecogen vs. AFC Energy plc | Tecogen vs. Loop Energy | Tecogen vs. Sunrise New Energy |
| Sprinklr vs. Expensify | Sprinklr vs. Clearwater Analytics Holdings | Sprinklr vs. Alkami Technology | Sprinklr vs. Vertex |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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