Correlation Between Clean Energy and Fielmann Aktiengesellscha
Can any of the company-specific risk be diversified away by investing in both Clean Energy and Fielmann Aktiengesellscha 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 Clean Energy and Fielmann Aktiengesellscha into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Clean Energy Fuels and Fielmann Aktiengesellschaft, you can compare the effects of market volatilities on Clean Energy and Fielmann Aktiengesellscha 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 Fielmann Aktiengesellscha. Check out your portfolio center. Please also check ongoing floating volatility patterns of Clean Energy and Fielmann Aktiengesellscha.
Diversification Opportunities for Clean Energy and Fielmann Aktiengesellscha
-0.1 | Correlation Coefficient |
Good diversification
The 3 months correlation between Clean and Fielmann is -0.1. Overlapping area represents the amount of risk that can be diversified away by holding Clean Energy Fuels and Fielmann Aktiengesellschaft in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Fielmann Aktiengesellscha 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 Fielmann Aktiengesellscha. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Fielmann Aktiengesellscha has no effect on the direction of Clean Energy i.e., Clean Energy and Fielmann Aktiengesellscha go up and down completely randomly.
Pair Corralation between Clean Energy and Fielmann Aktiengesellscha
Assuming the 90 days horizon Clean Energy Fuels is expected to generate 2.91 times more return on investment than Fielmann Aktiengesellscha. However, Clean Energy is 2.91 times more volatile than Fielmann Aktiengesellschaft. It trades about 0.15 of its potential returns per unit of risk. Fielmann Aktiengesellschaft is currently generating about -0.39 per unit of risk. If you would invest 255.00 in Clean Energy Fuels on September 1, 2024 and sell it today you would earn a total of 39.00 from holding Clean Energy Fuels or generate 15.29% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 95.65% |
| Values | Daily Returns |
Clean Energy Fuels vs. Fielmann Aktiengesellschaft
Performance |
| Timeline |
| Clean Energy Fuels |
| Fielmann Aktiengesellscha |
Clean Energy and Fielmann Aktiengesellscha Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Clean Energy and Fielmann Aktiengesellscha
The main advantage of trading using opposite Clean Energy and Fielmann Aktiengesellscha positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Clean Energy position performs unexpectedly, Fielmann Aktiengesellscha 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 Fielmann Aktiengesellscha will offset losses from the drop in Fielmann Aktiengesellscha's long position.| Clean Energy vs. Japan Medical Dynamic | Clean Energy vs. AVITA Medical | Clean Energy vs. Cardinal Health | Clean Energy vs. Diamyd Medical AB |
| Fielmann Aktiengesellscha vs. CVW CLEANTECH INC | Fielmann Aktiengesellscha vs. Calibre Mining Corp | Fielmann Aktiengesellscha vs. Clean Energy Fuels | Fielmann Aktiengesellscha vs. FORMPIPE SOFTWARE AB |
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 ETF Categories module to list of ETF categories grouped based on various criteria, such as the investment strategy or type of investments.
Other Complementary Tools
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world |