Correlation Between 53522KAA1 and Apogee Enterprises
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By analyzing existing cross correlation between LIN 48 05 DEC 24 and Apogee Enterprises, you can compare the effects of market volatilities on 53522KAA1 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 53522KAA1 with a short position of Apogee Enterprises. Check out your portfolio center. Please also check ongoing floating volatility patterns of 53522KAA1 and Apogee Enterprises.
Diversification Opportunities for 53522KAA1 and Apogee Enterprises
0.31 | Correlation Coefficient |
Weak diversification
The 3 months correlation between 53522KAA1 and Apogee is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding LIN 48 05 DEC 24 and Apogee Enterprises in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apogee Enterprises and 53522KAA1 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 LIN 48 05 DEC 24 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 53522KAA1 i.e., 53522KAA1 and Apogee Enterprises go up and down completely randomly.
Pair Corralation between 53522KAA1 and Apogee Enterprises
Assuming the 90 days trading horizon LIN 48 05 DEC 24 is expected to under-perform the Apogee Enterprises. But the bond apears to be less risky and, when comparing its historical volatility, LIN 48 05 DEC 24 is 8.75 times less risky than Apogee Enterprises. The bond trades about -0.2 of its potential returns per unit of risk. The Apogee Enterprises is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 7,671 in Apogee Enterprises on September 5, 2024 and sell it today you would earn a total of 747.00 from holding Apogee Enterprises or generate 9.74% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 72.73% |
| Values | Daily Returns |
LIN 48 05 DEC 24 vs. Apogee Enterprises
Performance |
| Timeline |
| LIN 48 05 |
| Apogee Enterprises |
53522KAA1 and Apogee Enterprises Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 53522KAA1 and Apogee Enterprises
The main advantage of trading using opposite 53522KAA1 and Apogee Enterprises positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 53522KAA1 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.| 53522KAA1 vs. Apogee Enterprises | 53522KAA1 vs. Aldel Financial II | 53522KAA1 vs. Stepstone Group | 53522KAA1 vs. SEI Investments |
| 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 Pair Correlation module to compare performance and examine fundamental relationship between any two equity instruments.
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