Correlation Analysis Between Boralex Inc and Huaneng Power

This module allows you to analyze existing cross correlation between Boralex Inc Cl A and Huaneng Power Intl. You can compare the effects of market volatilities on Boralex Inc and Huaneng Power 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 Boralex Inc with a short position of Huaneng Power. See also your portfolio center. Please also check ongoing floating volatility patterns of Boralex Inc and Huaneng Power.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

Boralex Cl A  
1212

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Boralex Inc Cl A are ranked lower than 12 (%) of all global equities and portfolios over the last 30 days. In spite of rather uncertain fundamental drivers, Boralex Inc exhibited solid returns over the last few months and may actually be approaching a breakup point.
Huaneng Power Intl  
00

Risk-Adjusted Performance

Over the last 30 days Huaneng Power Intl has generated negative risk-adjusted returns adding no value to investors with long positions. Inspite uncertain performance in the last few months, the Stock's forward-looking indicators remain very unfluctuating which may send shares a bit higher in December 2019. The recent disarray may also be a sign of long period up-swing for the corporate body insiders.

Boralex Inc and Huaneng Power Volatility Contrast

 Predicted Return Density 
      Returns 

Boralex Inc Cl A  vs.  Huaneng Power Intl

 Performance (%) 
      Timeline 

Pair Volatility

Assuming 30 trading days horizon, Boralex Inc Cl A is expected to generate 0.86 times more return on investment than Huaneng Power. However, Boralex Inc Cl A is 1.17 times less risky than Huaneng Power. It trades about 0.19 of its potential returns per unit of risk. Huaneng Power Intl is currently generating about -0.18 per unit of risk. If you would invest  1,523  in Boralex Inc Cl A on October 20, 2019 and sell it today you would earn a total of  284.00  from holding Boralex Inc Cl A or generate 18.65% return on investment over 30 days.

Pair Corralation between Boralex Inc and Huaneng Power

-0.68
Time Period3 Months [change]
DirectionNegative 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Boralex Inc and Huaneng Power

Boralex Inc Cl A diversification synergy

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding Boralex Inc Cl A and Huaneng Power Intl in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Huaneng Power Intl and Boralex Inc 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 Boralex Inc Cl A are associated (or correlated) with Huaneng Power. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Huaneng Power Intl has no effect on the direction of Boralex Inc i.e. Boralex Inc and Huaneng Power go up and down completely randomly.
See also your portfolio center. Please also try Performance Analysis module to check effects of mean-variance optimization against your current asset allocation.


 
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