This module allows you to analyze existing cross correlation between Enphase Energy and BSE. You can compare the effects of market volatilities on Enphase Energy and BSE 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 Enphase Energy with a short position of BSE. See also your portfolio center. Please also check ongoing floating volatility patterns of Enphase Energy and BSE.
|Horizon||30 Days Login to change|
Predicted Return Density
Enphase Energy Inc vs. BSE
Given the investment horizon of 30 days, Enphase Energy is expected to generate 7.19 times more return on investment than BSE. However, Enphase Energy is 7.19 times more volatile than BSE. It trades about 0.3 of its potential returns per unit of risk. BSE is currently generating about -0.14 per unit of risk. If you would invest 1,749 in Enphase Energy on July 22, 2019 and sell it today you would earn a total of 1,639 from holding Enphase Energy or generate 93.71% return on investment over 30 days.
Pair Corralation between Enphase Energy and BSE
|Time Period||2 Months [change]|
Diversification Opportunities for Enphase Energy and BSE
Overlapping area represents the amount of risk that can be diversified away by holding Enphase Energy Inc and BSE in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on BSE and Enphase Energy 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 Enphase Energy are associated (or correlated) with BSE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of BSE has no effect on the direction of Enphase Energy i.e. Enphase Energy and BSE go up and down completely randomly.
See also your portfolio center. Please also try Money Flow Index module to determine momentum by analyzing money flow index and other technical indicators.