Correlation Between Bloom Energy and Exactus

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Bloom Energy and Exactus 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 Bloom Energy and Exactus into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bloom Energy Corp and Exactus, you can compare the effects of market volatilities on Bloom Energy and Exactus 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 Bloom Energy with a short position of Exactus. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bloom Energy and Exactus.

Diversification Opportunities for Bloom Energy and Exactus

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Bloom and Exactus is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bloom Energy Corp and Exactus in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exactus and Bloom 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 Bloom Energy Corp are associated (or correlated) with Exactus. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exactus has no effect on the direction of Bloom Energy i.e., Bloom Energy and Exactus go up and down completely randomly.

Pair Corralation between Bloom Energy and Exactus

If you would invest (100.00) in Exactus on January 26, 2024 and sell it today you would earn a total of  100.00  from holding Exactus or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Bloom Energy Corp  vs.  Exactus

 Performance 
       Timeline  
Bloom Energy Corp 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Bloom Energy Corp has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of weak performance in the last few months, the Stock's technical and fundamental indicators remain rather sound which may send shares a bit higher in May 2024. The latest tumult may also be a sign of longer-term up-swing for the firm shareholders.
Exactus 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days Exactus has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fairly strong fundamental indicators, Exactus is not utilizing all of its potentials. The recent stock price confusion, may contribute to short-horizon losses for the traders.

Bloom Energy and Exactus Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Bloom Energy and Exactus

The main advantage of trading using opposite Bloom Energy and Exactus positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bloom Energy position performs unexpectedly, Exactus 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 Exactus will offset losses from the drop in Exactus' long position.
The idea behind Bloom Energy Corp and Exactus pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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 Global Correlations module to find global opportunities by holding instruments from different markets.

Other Complementary Tools

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
Stock Screener
Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook.
Portfolio Optimization
Compute new portfolio that will generate highest expected return given your specified tolerance for risk
CEOs Directory
Screen CEOs from public companies around the world
Equity Search
Search for actively traded equities including funds and ETFs from over 30 global markets
Pattern Recognition
Use different Pattern Recognition models to time the market across multiple global exchanges
Equity Valuation
Check real value of public entities based on technical and fundamental data
Idea Analyzer
Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas