Correlation Analysis Between DAQO New and Enphase Energy

This module allows you to analyze existing cross correlation between DAQO New Energy Corp and Enphase Energy. You can compare the effects of market volatilities on DAQO New and Enphase Energy 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 DAQO New with a short position of Enphase Energy. See also your portfolio center. Please also check ongoing floating volatility patterns of DAQO New and Enphase Energy.
Horizon     30 Days    Login   to change
Symbolsvs
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Comparative Performance

DAQO New Energy  
66

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in DAQO New Energy Corp are ranked lower than 6 (%) of all global equities and portfolios over the last 30 days. Inspite very conflicting forward-looking indicators, DAQO New displayed solid returns over the last few months and may actually be approaching a breakup point.
Enphase Energy  
99

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Enphase Energy are ranked lower than 9 (%) of all global equities and portfolios over the last 30 days. Despite nearly unfluctuating fundamental indicators, Enphase Energy layed out solid returns over the last few months and may actually be approaching a breakup point.

DAQO New and Enphase Energy Volatility Contrast

 Predicted Return Density 
      Returns 

DAQO New Energy Corp  vs.  Enphase Energy Inc

 Performance (%) 
      Timeline 

Pair Volatility

Allowing for the 30-days total investment horizon, DAQO New is expected to generate 2.2 times less return on investment than Enphase Energy. But when comparing it to its historical volatility, DAQO New Energy Corp is 1.45 times less risky than Enphase Energy. It trades about 0.1 of its potential returns per unit of risk. Enphase Energy is currently generating about 0.15 of returns per unit of risk over similar time horizon. If you would invest  1,764  in Enphase Energy on August 20, 2019 and sell it today you would earn a total of  948.00  from holding Enphase Energy or generate 53.74% return on investment over 30 days.

Pair Corralation between DAQO New and Enphase Energy

0.43
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for DAQO New and Enphase Energy

DAQO New Energy Corp diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding DAQO New Energy Corp and Enphase Energy Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Enphase Energy and DAQO New 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 DAQO New Energy Corp are associated (or correlated) with Enphase Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enphase Energy has no effect on the direction of DAQO New i.e. DAQO New and Enphase Energy go up and down completely randomly.
See also your portfolio center. Please also try Competition Analyzer module to analyze and compare many basic indicators for a group of related or unrelated entities.


 
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