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Correlation Between Israel Index and ORMAT TECHNOLOGIES

Analyzing existing cross correlation between Israel Index and ORMAT TECHNOLOGIES. You can compare the effects of market volatilities on Israel Index and ORMAT TECHNOLOGIES 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 Israel Index with a short position of ORMAT TECHNOLOGIES. See also your portfolio center. Please also check ongoing floating volatility patterns of Israel Index and ORMAT TECHNOLOGIES.
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Comparative Performance

Israel Index  vs.  ORMAT TECHNOLOGIES

 Performance (%) 
    
  Timeline 

Pair Volatility

If you would invest  108,987  in Israel Index on January 17, 2020 and sell it today you would earn a total of  5,517  from holding Israel Index or generate 5.06% return on investment over 30 days.

Pair Corralation between Israel Index and ORMAT TECHNOLOGIES

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Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Diversification Opportunities for Israel Index and ORMAT TECHNOLOGIES

Israel Index diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Israel Index and ORMAT TECHNOLOGIES in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on ORMAT TECHNOLOGIES and Israel Index 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 Israel Index are associated (or correlated) with ORMAT TECHNOLOGIES. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of ORMAT TECHNOLOGIES has no effect on the direction of Israel Index i.e. Israel Index and ORMAT TECHNOLOGIES go up and down completely randomly.
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See also your portfolio center. Please also try Balance Of Power module to check stock momentum by analyzing balance of power indicator and other technical ratios.