Correlation Analysis Between eMagin and Enphase Energy

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

eMagin  
00

Risk-Adjusted Performance

Over the last 30 days eMagin Corporation has generated negative risk-adjusted returns adding no value to investors with long positions. Allthough weak performance in the last few months, the Stock's forward indicators remain quite persistent which may send shares a bit higher in October 2019. The existing mess may also be a sign of long standing up-swing for the corporation partners.
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.

eMagin and Enphase Energy Volatility Contrast

 Predicted Return Density 
      Returns 

eMagin Corp.  vs.  Enphase Energy Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, eMagin Corporation is expected to under-perform the Enphase Energy. But the stock apears to be less risky and, when comparing its historical volatility, eMagin Corporation is 1.04 times less risky than Enphase Energy. The stock trades about -0.05 of its potential returns per unit of risk. The 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 eMagin and Enphase Energy

-0.69
Time Period3 Months [change]
DirectionNegative 
StrengthWeak
Accuracy98.41%
ValuesDaily Returns

Diversification Opportunities for eMagin and Enphase Energy

eMagin Corp. diversification synergy

Excellent diversification

Overlapping area represents the amount of risk that can be diversified away by holding eMagin 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 eMagin 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 eMagin Corporation 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 eMagin i.e. eMagin and Enphase Energy go up and down completely randomly.
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