Correlation Between Shapeways Holdings, and JE Cleantech

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

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

Diversification Opportunities for Shapeways Holdings, and JE Cleantech

0.0

Correlation Coefficient

Shapeways Holdings,  JE Cleantech

Pay attention - limited upside

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

Pair Corralation between Shapeways Holdings, and JE Cleantech

If you would invest  0.01  in Shapeways Holdings, Common on December 29, 2024 and sell it today you would earn a total of  0.00  from holding Shapeways Holdings, Common or generate 0.0% return on investment over 90 days.

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

Shapeways Holdings, Common  vs.  JE Cleantech Holdings

Shapeways Holdings,

Risk-Adjusted Performance

Very Weak

Over the last 90 days Shapeways Holdings, Common has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly stable basic indicators, Shapeways Holdings, is not utilizing all of its potentials. The newest stock price fuss, may contribute to near-short-term losses for the sophisticated investors.

JE Cleantech Holdings

Risk-Adjusted Performance

Very Weak

Over the last 90 days JE Cleantech Holdings has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of abnormal performance in the last few months, the Stock's basic indicators remain rather sound which may send shares a bit higher in April 2025. The latest tumult may also be a sign of longer-term up-swing for the firm shareholders.

Pair Trading with Shapeways Holdings, and JE Cleantech

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

The idea behind Shapeways Holdings, Common and JE Cleantech Holdings 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.

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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.