Correlation Between Alkame Holdings and Agilyx AS

Can any of the company-specific risk be diversified away by investing in both Alkame Holdings and Agilyx AS 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 Alkame Holdings and Agilyx AS into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between Alkame Holdings and Agilyx AS, you can compare the effects of market volatilities on Alkame Holdings and Agilyx AS 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 Alkame Holdings with a short position of Agilyx AS. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alkame Holdings and Agilyx AS.

Diversification Opportunities for Alkame Holdings and Agilyx AS

0.0

Correlation Coefficient

Alkame Holdings  Agilyx AS

Pay attention - limited upside

The 3 months correlation between Alkame and Agilyx is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Alkame Holdings and Agilyx AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilyx AS and Alkame Holdings 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 Alkame Holdings are associated (or correlated) with Agilyx AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilyx AS has no effect on the direction of Alkame Holdings i.e., Alkame Holdings and Agilyx AS go up and down completely randomly.

Pair Corralation between Alkame Holdings and Agilyx AS

Given the investment horizon of 90 days Alkame Holdings is expected to under-perform the Agilyx AS. In addition to that, Alkame Holdings is 9.93 times more volatile than Agilyx AS. It trades about -0.22 of its total potential returns per unit of risk. Agilyx AS is currently generating about -0.01 per unit of volatility. If you would invest  320.00  in Agilyx AS on September 15, 2024 and sell it today you would lose (3.00) from holding Agilyx AS or give up 0.94% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Flat
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

Alkame Holdings  vs.  Agilyx AS

Alkame Holdings

Risk-Adjusted Performance

0 of 100

Very Weak

Over the last 90 days Alkame Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unsteady performance in the last few months, the Stock's forward-looking signals remain very healthy which may send shares a bit higher in January 2025. The recent disarray may also be a sign of long period up-swing for the firm investors.

Agilyx AS

Risk-Adjusted Performance

11 of 100

Good

Compared to the overall equity markets, risk-adjusted returns on investments in Agilyx AS are ranked lower than 11 (%) of all global equities and portfolios over the last 90 days. Despite nearly unsteady basic indicators, Agilyx AS reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with Alkame Holdings and Agilyx AS

The main advantage of trading using opposite Alkame Holdings and Agilyx AS positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alkame Holdings position performs unexpectedly, Agilyx AS 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 Agilyx AS will offset losses from the drop in Agilyx AS's long position.

The idea behind Alkame Holdings and Agilyx AS pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.

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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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.