Correlation Analysis Between Entegris and Enphase Energy

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

Entegris  
1414

Risk-Adjusted Performance

Compared to the overall equity markets, risk-adjusted returns on investments in Entegris are ranked lower than 14 (%) of all global equities and portfolios over the last 30 days. In spite of rather unfluctuating fundamental drivers, Entegris exhibited 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.

Entegris and Enphase Energy Volatility Contrast

 Predicted Return Density 
      Returns 

Entegris Inc  vs.  Enphase Energy Inc

 Performance (%) 
      Timeline 

Pair Volatility

Given the investment horizon of 30 days, Entegris is expected to generate 2.16 times less return on investment than Enphase Energy. But when comparing it to its historical volatility, Entegris is 3.18 times less risky than Enphase Energy. It trades about 0.22 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 Entegris and Enphase Energy

0.49
Time Period3 Months [change]
DirectionPositive 
StrengthWeak
Accuracy100.0%
ValuesDaily Returns

Diversification Opportunities for Entegris and Enphase Energy

Entegris Inc diversification synergy

Very weak diversification

Overlapping area represents the amount of risk that can be diversified away by holding Entegris Inc and Enphase Energy Inc in the same portfolio assuming nothing else is changed. The correlation between historical prices or returns on Enphase Energy and Entegris 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 Entegris 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 Entegris i.e. Entegris and Enphase Energy go up and down completely randomly.
See also your portfolio center. Please also try Portfolio Rebalancing module to analyze risk-adjusted returns against different time horizons to find asset-allocation targets.


 
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