Correlation Between 207597EG6 and Apogee Enterprises
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By analyzing existing cross correlation between CONNECTICUT LT PWR and Apogee Enterprises, you can compare the effects of market volatilities on 207597EG6 and Apogee Enterprises 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 207597EG6 with a short position of Apogee Enterprises. Check out your portfolio center. Please also check ongoing floating volatility patterns of 207597EG6 and Apogee Enterprises.
Diversification Opportunities for 207597EG6 and Apogee Enterprises
-0.29 | Correlation Coefficient |
Very good diversification
The 3 months correlation between 207597EG6 and Apogee is -0.29. Overlapping area represents the amount of risk that can be diversified away by holding CONNECTICUT LT PWR and Apogee Enterprises in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apogee Enterprises and 207597EG6 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 CONNECTICUT LT PWR are associated (or correlated) with Apogee Enterprises. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apogee Enterprises has no effect on the direction of 207597EG6 i.e., 207597EG6 and Apogee Enterprises go up and down completely randomly.
Pair Corralation between 207597EG6 and Apogee Enterprises
Assuming the 90 days trading horizon CONNECTICUT LT PWR is expected to under-perform the Apogee Enterprises. In addition to that, 207597EG6 is 1.13 times more volatile than Apogee Enterprises. It trades about -0.12 of its total potential returns per unit of risk. Apogee Enterprises is currently generating about 0.25 per unit of volatility. If you would invest 7,671 in Apogee Enterprises on September 4, 2024 and sell it today you would earn a total of 767.00 from holding Apogee Enterprises or generate 10.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 66.67% |
| Values | Daily Returns |
CONNECTICUT LT PWR vs. Apogee Enterprises
Performance |
| Timeline |
| CONNECTICUT LT PWR |
| Apogee Enterprises |
207597EG6 and Apogee Enterprises Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 207597EG6 and Apogee Enterprises
The main advantage of trading using opposite 207597EG6 and Apogee Enterprises positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 207597EG6 position performs unexpectedly, Apogee Enterprises 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 Apogee Enterprises will offset losses from the drop in Apogee Enterprises' long position.| 207597EG6 vs. Pintec Technology Holdings | 207597EG6 vs. Univest Pennsylvania | 207597EG6 vs. Hurco Companies | 207597EG6 vs. AmTrust Financial Services |
| Apogee Enterprises vs. Quanex Building Products | Apogee Enterprises vs. Janus International Group | Apogee Enterprises vs. Interface | Apogee Enterprises vs. Azek Company |
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 Money Flow Index module to determine momentum by analyzing Money Flow Index and other technical indicators.
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