Correlation Between Newage and Polygon L
Can any of the company-specific risk be diversified away by investing in both Newage and Polygon L at the same time? Although using a correlation coefficient on its own may not help to predict future stock returns, this module helps to understand the diversifiable risk of combining Newage and Polygon L into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Newage Inc and Polygon L, you can compare the effects of market volatilities on Newage and Polygon L 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 Newage with a short position of Polygon L. Check out your portfolio center. Please also check ongoing floating volatility patterns of Newage and Polygon L.
Diversification Opportunities for Newage and Polygon L
Pay attention - limited upside
The 3 months correlation between Newage and Polygon is -0.84. Overlapping area represents the amount of risk that can be diversified away by holding Newage Inc and Polygon L in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Polygon L and Newage 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 Newage Inc are associated (or correlated) with Polygon L. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Polygon L has no effect on the direction of Newage i.e., Newage and Polygon L go up and down completely randomly.
Pair Corralation between Newage and Polygon L
If you would invest 369,700 in Polygon L on January 20, 2024 and sell it today you would earn a total of 15,300 from holding Polygon L or generate 4.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Significant |
| Accuracy | 5.56% |
| Values | Daily Returns |
Newage Inc vs. Polygon L
Performance |
| Timeline |
| Newage Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Polygon L |
Newage and Polygon L Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Newage and Polygon L
The main advantage of trading using opposite Newage and Polygon L positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Newage position performs unexpectedly, Polygon L can make up some of the losses. Pair trading also minimizes risk from directional movements in the market. For example, if an entire industry or sector drops because of unexpected headlines, the short position in Polygon L will offset losses from the drop in Polygon L's long position.| Newage vs. Office Properties Income | Newage vs. Sonos Inc | Newage vs. BRP Inc | Newage vs. ANTA Sports Products |
| Polygon L vs. Migdal Insurance | Polygon L vs. The Phoenix Holdings | Polygon L vs. Harel Insurance Investments | Polygon L vs. Clal Insurance Enterprises |
Check out your portfolio center.Note that this page's information should be used as a complementary analysis to find the right mix of equity instruments to add to your existing portfolios or create a brand new portfolio. You can also try the Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Portfolio Comparator Compare the composition, asset allocations and performance of any two portfolios in your account | |
| Positions Ratings Determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon |