Correlation Between 26442UAA2 and Everspin Technologies
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By analyzing existing cross correlation between DUKE ENERGY PROGRESS and Everspin Technologies, you can compare the effects of market volatilities on 26442UAA2 and Everspin Technologies 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 26442UAA2 with a short position of Everspin Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of 26442UAA2 and Everspin Technologies.
Diversification Opportunities for 26442UAA2 and Everspin Technologies
-0.13 | Correlation Coefficient |
Good diversification
The 3 months correlation between 26442UAA2 and Everspin is -0.13. Overlapping area represents the amount of risk that can be diversified away by holding DUKE ENERGY PROGRESS and Everspin Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Everspin Technologies and 26442UAA2 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 DUKE ENERGY PROGRESS are associated (or correlated) with Everspin Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Everspin Technologies has no effect on the direction of 26442UAA2 i.e., 26442UAA2 and Everspin Technologies go up and down completely randomly.
Pair Corralation between 26442UAA2 and Everspin Technologies
Assuming the 90 days trading horizon DUKE ENERGY PROGRESS is expected to generate 0.21 times more return on investment than Everspin Technologies. However, DUKE ENERGY PROGRESS is 4.66 times less risky than Everspin Technologies. It trades about -0.08 of its potential returns per unit of risk. Everspin Technologies is currently generating about -0.15 per unit of risk. If you would invest 9,887 in DUKE ENERGY PROGRESS on August 31, 2024 and sell it today you would lose (107.00) from holding DUKE ENERGY PROGRESS or give up 1.08% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 90.91% |
| Values | Daily Returns |
DUKE ENERGY PROGRESS vs. Everspin Technologies
Performance |
| Timeline |
| DUKE ENERGY PROGRESS |
| Everspin Technologies |
26442UAA2 and Everspin Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 26442UAA2 and Everspin Technologies
The main advantage of trading using opposite 26442UAA2 and Everspin Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 26442UAA2 position performs unexpectedly, Everspin Technologies 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 Everspin Technologies will offset losses from the drop in Everspin Technologies' long position.| 26442UAA2 vs. Mesa Air Group | 26442UAA2 vs. Maiden Holdings | 26442UAA2 vs. Citizens | 26442UAA2 vs. 51Talk Online Education |
| Everspin Technologies vs. MACOM Technology Solutions | Everspin Technologies vs. Power Integrations | Everspin Technologies vs. Diodes Incorporated | Everspin Technologies vs. CEVA Inc |
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 Options Analysis module to analyze and evaluate options and option chains as a potential hedge for your portfolios.
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