Correlation Between Ascent Solar and GraniteShares 125x
Can any of the company-specific risk be diversified away by investing in both Ascent Solar and GraniteShares 125x 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 Ascent Solar and GraniteShares 125x into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Ascent Solar Technologies, and GraniteShares 125x Long, you can compare the effects of market volatilities on Ascent Solar and GraniteShares 125x 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 Ascent Solar with a short position of GraniteShares 125x. Check out your portfolio center. Please also check ongoing floating volatility patterns of Ascent Solar and GraniteShares 125x.
Diversification Opportunities for Ascent Solar and GraniteShares 125x
-0.09 | Correlation Coefficient |
Good diversification
The 3 months correlation between Ascent and GraniteShares is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding Ascent Solar Technologies, and GraniteShares 125x Long in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GraniteShares 125x Long and Ascent Solar 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 Ascent Solar Technologies, are associated (or correlated) with GraniteShares 125x. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GraniteShares 125x Long has no effect on the direction of Ascent Solar i.e., Ascent Solar and GraniteShares 125x go up and down completely randomly.
Pair Corralation between Ascent Solar and GraniteShares 125x
Given the investment horizon of 90 days Ascent Solar Technologies, is expected to under-perform the GraniteShares 125x. In addition to that, Ascent Solar is 1.95 times more volatile than GraniteShares 125x Long. It trades about -0.16 of its total potential returns per unit of risk. GraniteShares 125x Long is currently generating about 0.09 per unit of volatility. If you would invest 463.00 in GraniteShares 125x Long on September 25, 2024 and sell it today you would earn a total of 1,447 from holding GraniteShares 125x Long or generate 312.53% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Insignificant |
Accuracy | 100.0% |
Values | Daily Returns |
Ascent Solar Technologies, vs. GraniteShares 125x Long
Performance |
Timeline |
Ascent Solar Technol |
GraniteShares 125x Long |
Ascent Solar and GraniteShares 125x Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Ascent Solar and GraniteShares 125x
The main advantage of trading using opposite Ascent Solar and GraniteShares 125x positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Ascent Solar position performs unexpectedly, GraniteShares 125x 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 GraniteShares 125x will offset losses from the drop in GraniteShares 125x's long position.Ascent Solar vs. Diodes Incorporated | Ascent Solar vs. Nano Labs | Ascent Solar vs. Impinj Inc | Ascent Solar vs. Enphase Energy |
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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