Correlation Analysis Between Enphase Energy and NQTH

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

 Predicted Return Density 
      Returns 

Enphase Energy Inc  vs.  NQTH

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Enphase Energy is expected to generate 6.8 times more return on investment than NQTH. However, Enphase Energy is 6.8 times more volatile than NQTH. It trades about 0.32 of its potential returns per unit of risk. NQTH is currently generating about -0.16 per unit of risk. If you would invest  1,629  in Enphase Energy on July 25, 2019 and sell it today you would earn a total of  1,711  from holding Enphase Energy or generate 105.03% return on investment over 30 days.

Pair Corralation between Enphase Energy and NQTH

-0.92
Time Period2 Months [change]
DirectionNegative 
StrengthSignificant
Accuracy97.78%
ValuesDaily Returns

Diversification Opportunities for Enphase Energy and NQTH

Enphase Energy Inc diversification synergy

Pay attention

Overlapping area represents the amount of risk that can be diversified away by holding Enphase Energy Inc and NQTH in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NQTH 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 NQTH. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NQTH has no effect on the direction of Enphase Energy i.e. Enphase Energy and NQTH go up and down completely randomly.
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See also your portfolio center. Please also try Aroon Oscillator module to analyze current equity momentum using aroon oscillator and other momentum ratios.


 
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