Correlation Between Voxeljet and Super Micro

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

Diversification Opportunities for Voxeljet and Super Micro

 -0.54 Correlation Coefficient

Excellent diversification

The 3 months correlation between Voxeljet and Super is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Voxeljet Ag and Super Micro Computer in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Super Micro Computer and Voxeljet 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 Voxeljet Ag are associated (or correlated) with Super Micro. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Super Micro Computer has no effect on the direction of Voxeljet i.e., Voxeljet and Super Micro go up and down completely randomly.

Pair Corralation between Voxeljet and Super Micro

Given the investment horizon of 90 days Voxeljet Ag is expected to under-perform the Super Micro. But the stock apears to be less risky and, when comparing its historical volatility, Voxeljet Ag is 1.25 times less risky than Super Micro. The stock trades about -0.03 of its potential returns per unit of risk. The Super Micro Computer is currently generating about 0.17 of returns per unit of risk over similar time horizon. If you would invest  8,628  in Super Micro Computer on March 6, 2023 and sell it today you would earn a total of  13,566  from holding Super Micro Computer or generate 157.23% return on investment over 90 days.
 Time Period 3 Months [change] Direction Moves Against Strength Very Weak Accuracy 100.0% Values Daily Returns

Voxeljet Ag  vs.  Super Micro Computer

 Performance (%)
 Timeline
 Voxeljet Ag Correlation Profile

0 of 100

Over the last 90 days Voxeljet Ag has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of unfluctuating performance in the last few months, the Stock's technical and fundamental indicators remain comparatively stable which may send shares a bit higher in July 2023. The newest uproar may also be a sign of mid-term up-swing for the firm private investors.
 Performance Backtest Predict
 Super Micro Computer Correlation Profile

18 of 100

Compared to the overall equity markets, risk-adjusted returns on investments in Super Micro Computer are ranked lower than 18 (%) of all global equities and portfolios over the last 90 days. Despite fairly unfluctuating fundamental indicators, Super Micro demonstrated solid returns over the last few months and may actually be approaching a breakup point.
 Performance Backtest Predict

Voxeljet and Super Micro Volatility Contrast

 Predicted Return Density
 Returns

Pair Trading with Voxeljet and Super Micro

The main advantage of trading using opposite Voxeljet and Super Micro positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Voxeljet position performs unexpectedly, Super Micro 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 Super Micro will offset losses from the drop in Super Micro's long position.
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The idea behind Voxeljet Ag and Super Micro Computer 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.
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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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.

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