Correlation Between YASKAWA ELEC and Plug Power
Specify exactly 2 symbols:
By analyzing existing cross correlation between YASKAWA ELEC UNSP and Plug Power, you can compare the effects of market volatilities on YASKAWA ELEC and Plug Power 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 YASKAWA ELEC with a short position of Plug Power. Check out your portfolio center. Please also check ongoing floating volatility patterns of YASKAWA ELEC and Plug Power.
Diversification Opportunities for YASKAWA ELEC and Plug Power
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between YASKAWA and Plug is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding YASKAWA ELEC UNSP and Plug Power in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Plug Power and YASKAWA ELEC 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 YASKAWA ELEC UNSP are associated (or correlated) with Plug Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Plug Power has no effect on the direction of YASKAWA ELEC i.e., YASKAWA ELEC and Plug Power go up and down completely randomly.
Pair Corralation between YASKAWA ELEC and Plug Power
Assuming the 90 days trading horizon YASKAWA ELEC UNSP is expected to under-perform the Plug Power. But the stock apears to be less risky and, when comparing its historical volatility, YASKAWA ELEC UNSP is 3.92 times less risky than Plug Power. The stock trades about -0.15 of its potential returns per unit of risk. The Plug Power is currently generating about 0.23 of returns per unit of risk over similar time horizon. If you would invest 187.00 in Plug Power on September 24, 2024 and sell it today you would earn a total of 57.00 from holding Plug Power or generate 30.48% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
YASKAWA ELEC UNSP vs. Plug Power
Performance |
| Timeline |
| YASKAWA ELEC UNSP |
| Plug Power |
YASKAWA ELEC and Plug Power Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with YASKAWA ELEC and Plug Power
The main advantage of trading using opposite YASKAWA ELEC and Plug Power positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if YASKAWA ELEC position performs unexpectedly, Plug Power 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 Plug Power will offset losses from the drop in Plug Power's long position.| YASKAWA ELEC vs. Delta Electronics Public | YASKAWA ELEC vs. Plug Power | YASKAWA ELEC vs. VERTIV HOLCL A | YASKAWA ELEC vs. OSRAM LICHT N |
| Plug Power vs. Delta Electronics Public | Plug Power vs. YASKAWA ELEC UNSP | Plug Power vs. VERTIV HOLCL A | Plug Power vs. OSRAM LICHT N |
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.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Equity Valuation Check real value of public entities based on technical and fundamental data | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Price Ceiling Movement Calculate and plot Price Ceiling Movement for different equity instruments |