Correlation Analysis Between Enphase Energy and NZSE

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

 Predicted Return Density 

Enphase Energy Inc  vs.  NZSE

 Performance (%) 

Pair Volatility

Given the investment horizon of 30 days, Enphase Energy is expected to generate 7.0 times more return on investment than NZSE. However, Enphase Energy is 7.0 times more volatile than NZSE. It trades about 0.31 of its potential returns per unit of risk. NZSE is currently generating about 0.11 per unit of risk. If you would invest  1,679  in Enphase Energy on July 26, 2019 and sell it today you would earn a total of  1,661  from holding Enphase Energy or generate 98.93% return on investment over 30 days.

Pair Corralation between Enphase Energy and NZSE

Time Period2 Months [change]
ValuesDaily Returns

Diversification Opportunities for Enphase Energy and NZSE

Enphase Energy Inc diversification synergy

Poor diversification

Overlapping area represents the amount of risk that can be diversified away by holding Enphase Energy Inc and NZSE in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on NZSE 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 NZSE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NZSE has no effect on the direction of Enphase Energy i.e. Enphase Energy and NZSE go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Suggestion module to get suggestions outside of your existing asset allocation including your own model portfolios.