Correlation Between Voxeljet and Ageagle Aerial
Can any of the company-specific risk be diversified away by investing in both Voxeljet and Ageagle Aerial 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 Voxeljet and Ageagle Aerial into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Voxeljet Ag and Ageagle Aerial Systems, you can compare the effects of market volatilities on Voxeljet and Ageagle Aerial 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 Voxeljet with a short position of Ageagle Aerial. Check out your portfolio center. Please also check ongoing floating volatility patterns of Voxeljet and Ageagle Aerial.
Diversification Opportunities for Voxeljet and Ageagle Aerial
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Voxeljet and Ageagle is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Voxeljet Ag and Ageagle Aerial Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Ageagle Aerial Systems and Voxeljet 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 Voxeljet Ag are associated (or correlated) with Ageagle Aerial. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Ageagle Aerial Systems has no effect on the direction of Voxeljet i.e., Voxeljet and Ageagle Aerial go up and down completely randomly.
Pair Corralation between Voxeljet and Ageagle Aerial
Given the investment horizon of 90 days Voxeljet Ag is expected to generate 0.39 times more return on investment than Ageagle Aerial. However, Voxeljet Ag is 2.55 times less risky than Ageagle Aerial. It trades about -0.04 of its potential returns per unit of risk. Ageagle Aerial Systems is currently generating about -0.05 per unit of risk. If you would invest 226.00 in Voxeljet Ag on October 20, 2024 and sell it today you would lose (62.00) from holding Voxeljet Ag or give up 27.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 24.65% |
| Values | Daily Returns |
Voxeljet Ag vs. Ageagle Aerial Systems
Performance |
| Timeline |
| Voxeljet Ag |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Ageagle Aerial Systems |
Voxeljet and Ageagle Aerial Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Voxeljet and Ageagle Aerial
The main advantage of trading using opposite Voxeljet and Ageagle Aerial positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voxeljet position performs unexpectedly, Ageagle Aerial 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 Ageagle Aerial will offset losses from the drop in Ageagle Aerial's long position.| Voxeljet vs. Stratasys | Voxeljet vs. Desktop Metal | Voxeljet vs. Nano Dimension | Voxeljet vs. Pure Storage |
| Ageagle Aerial vs. Ehang Holdings | Ageagle Aerial vs. Vislink Technologies | Ageagle Aerial vs. Foresight Autonomous Holdings | Ageagle Aerial vs. Ideanomics |
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 Bond Analysis module to evaluate and analyze corporate bonds as a potential investment for your portfolios..
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