Correlation Between HJEN and Global X

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Can any of the company-specific risk be diversified away by investing in both HJEN and Global X 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 HJEN and Global X into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between HJEN and Global X Hydrogen, you can compare the effects of market volatilities on HJEN and Global X 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 HJEN with a short position of Global X. Check out your portfolio center. Please also check ongoing floating volatility patterns of HJEN and Global X.

Diversification Opportunities for HJEN and Global X

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  Correlation Coefficient

Pay attention - limited upside

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

Pair Corralation between HJEN and Global X

If you would invest (100.00) in HJEN on December 29, 2024 and sell it today you would earn a total of  100.00  from holding HJEN or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

HJEN  vs.  Global X Hydrogen

 Performance 
       Timeline  
HJEN 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days HJEN has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of very healthy technical and fundamental indicators, HJEN is not utilizing all of its potentials. The latest stock price disarray, may contribute to short-term losses for the investors.
Global X Hydrogen 

Risk-Adjusted Performance

Very Weak

 
Weak
 
Strong
Over the last 90 days Global X Hydrogen has generated negative risk-adjusted returns adding no value to investors with long positions. Even with unfluctuating performance in the last few months, the Etf's fundamental indicators remain relatively invariable which may send shares a bit higher in April 2025. The latest agitation may also be a sign of long-running up-swing for the ETF retail investors.

HJEN and Global X Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with HJEN and Global X

The main advantage of trading using opposite HJEN and Global X positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if HJEN position performs unexpectedly, Global X 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 Global X will offset losses from the drop in Global X's long position.
The idea behind HJEN and Global X Hydrogen 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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.

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