Correlation Between 87612EBM7 and Apogee Enterprises
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By analyzing existing cross correlation between TGT 195 15 JAN 27 and Apogee Enterprises, you can compare the effects of market volatilities on 87612EBM7 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 87612EBM7 with a short position of Apogee Enterprises. Check out your portfolio center. Please also check ongoing floating volatility patterns of 87612EBM7 and Apogee Enterprises.
Diversification Opportunities for 87612EBM7 and Apogee Enterprises
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between 87612EBM7 and Apogee is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding TGT 195 15 JAN 27 and Apogee Enterprises in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apogee Enterprises and 87612EBM7 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 TGT 195 15 JAN 27 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 87612EBM7 i.e., 87612EBM7 and Apogee Enterprises go up and down completely randomly.
Pair Corralation between 87612EBM7 and Apogee Enterprises
Assuming the 90 days trading horizon TGT 195 15 JAN 27 is expected to under-perform the Apogee Enterprises. But the bond apears to be less risky and, when comparing its historical volatility, TGT 195 15 JAN 27 is 5.24 times less risky than Apogee Enterprises. The bond trades about -0.01 of its potential returns per unit of risk. The Apogee Enterprises is currently generating about 0.07 of returns per unit of risk over similar time horizon. If you would invest 4,525 in Apogee Enterprises on September 3, 2024 and sell it today you would earn a total of 3,896 from holding Apogee Enterprises or generate 86.1% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 95.56% |
| Values | Daily Returns |
TGT 195 15 JAN 27 vs. Apogee Enterprises
Performance |
| Timeline |
| TGT 195 15 |
| Apogee Enterprises |
87612EBM7 and Apogee Enterprises Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with 87612EBM7 and Apogee Enterprises
The main advantage of trading using opposite 87612EBM7 and Apogee Enterprises positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if 87612EBM7 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.| 87612EBM7 vs. AEP TEX INC | 87612EBM7 vs. US BANK NATIONAL | 87612EBM7 vs. MetLife | 87612EBM7 vs. Brera Holdings PLC |
| 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 Portfolio Center module to all portfolio management and optimization tools to improve performance of your portfolios.
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