Correlation Between Clean Energy and Coloplast A/S
Specify exactly 2 symbols:
By analyzing existing cross correlation between Clean Energy Fuels and Coloplast AS, you can compare the effects of market volatilities on Clean Energy and Coloplast A/S 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 Clean Energy with a short position of Coloplast A/S. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clean Energy and Coloplast A/S.
Diversification Opportunities for Clean Energy and Coloplast A/S
0.01 | Correlation Coefficient |
Significant diversification
The 3 months correlation between Clean and Coloplast is 0.01. Overlapping area represents the amount of risk that can be diversified away by holding Clean Energy Fuels and Coloplast AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Coloplast A/S and Clean Energy 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 Clean Energy Fuels are associated (or correlated) with Coloplast A/S. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Coloplast A/S has no effect on the direction of Clean Energy i.e., Clean Energy and Coloplast A/S go up and down completely randomly.
Pair Corralation between Clean Energy and Coloplast A/S
Assuming the 90 days horizon Clean Energy Fuels is expected to generate 3.27 times more return on investment than Coloplast A/S. However, Clean Energy is 3.27 times more volatile than Coloplast AS. It trades about 0.09 of its potential returns per unit of risk. Coloplast AS is currently generating about 0.02 per unit of risk. If you would invest 262.00 in Clean Energy Fuels on September 5, 2024 and sell it today you would earn a total of 22.00 from holding Clean Energy Fuels or generate 8.4% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Clean Energy Fuels vs. Coloplast AS
Performance |
| Timeline |
| Clean Energy Fuels |
| Coloplast A/S |
Clean Energy and Coloplast A/S Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Clean Energy and Coloplast A/S
The main advantage of trading using opposite Clean Energy and Coloplast A/S positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Clean Energy position performs unexpectedly, Coloplast A/S 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 Coloplast A/S will offset losses from the drop in Coloplast A/S's long position.| Clean Energy vs. Marathon Petroleum Corp | Clean Energy vs. Neste Oyj | Clean Energy vs. ENEOS Holdings | Clean Energy vs. PTT OILRETBUS FOR BA10 |
| Coloplast A/S vs. SCANDMEDICAL SOLDK 040 | Coloplast A/S vs. Compugroup Medical SE | Coloplast A/S vs. Harmony Gold Mining | Coloplast A/S vs. Zijin Mining Group |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
Other Complementary Tools
| ETF Categories List of ETF categories grouped based on various criteria, such as the investment strategy or type of investments | |
| Commodity Directory Find actively traded commodities issued by global exchanges | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Content Syndication Quickly integrate customizable finance content to your own investment portal |