Correlation Between Altus Power and Rewalk Robotics
Can any of the company-specific risk be diversified away by investing in both Altus Power and Rewalk Robotics 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 Altus Power and Rewalk Robotics into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Altus Power and Rewalk Robotics, you can compare the effects of market volatilities on Altus Power and Rewalk Robotics 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 Altus Power with a short position of Rewalk Robotics. Check out your portfolio center. Please also check ongoing floating volatility patterns of Altus Power and Rewalk Robotics.
Diversification Opportunities for Altus Power and Rewalk Robotics
-0.63 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Altus and Rewalk is -0.63. Overlapping area represents the amount of risk that can be diversified away by holding Altus Power and Rewalk Robotics in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Rewalk Robotics and Altus Power 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 Altus Power are associated (or correlated) with Rewalk Robotics. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Rewalk Robotics has no effect on the direction of Altus Power i.e., Altus Power and Rewalk Robotics go up and down completely randomly.
Pair Corralation between Altus Power and Rewalk Robotics
If you would invest 105.00 in Rewalk Robotics on January 26, 2024 and sell it today you would earn a total of 0.00 from holding Rewalk Robotics or generate 0.0% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Against |
Strength | Weak |
Accuracy | 4.76% |
Values | Daily Returns |
Altus Power vs. Rewalk Robotics
Performance |
Timeline |
Altus Power |
Rewalk Robotics |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Excellent
Altus Power and Rewalk Robotics Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Altus Power and Rewalk Robotics
The main advantage of trading using opposite Altus Power and Rewalk Robotics positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Altus Power position performs unexpectedly, Rewalk Robotics 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 Rewalk Robotics will offset losses from the drop in Rewalk Robotics' long position.Altus Power vs. Ormat Technologies | Altus Power vs. Enlight Renewable Energy | Altus Power vs. Fluence Energy | Altus Power vs. Renew Energy Global |
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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 Positions Ratings module to 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.
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