Correlation Between ENN Energy and Enags SA
Can any of the company-specific risk be diversified away by investing in both ENN Energy and Enags SA 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 ENN Energy and Enags SA into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ENN Energy Holdings and Enags SA, you can compare the effects of market volatilities on ENN Energy and Enags SA 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 ENN Energy with a short position of Enags SA. Check out your portfolio center. Please also check ongoing floating volatility patterns of ENN Energy and Enags SA.
Diversification Opportunities for ENN Energy and Enags SA
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between ENN and Enags is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding ENN Energy Holdings and Enags SA in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enags SA and ENN 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 ENN Energy Holdings are associated (or correlated) with Enags SA. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enags SA has no effect on the direction of ENN Energy i.e., ENN Energy and Enags SA go up and down completely randomly.
Pair Corralation between ENN Energy and Enags SA
If you would invest 3,137 in ENN Energy Holdings on January 30, 2024 and sell it today you would earn a total of 269.00 from holding ENN Energy Holdings or generate 8.58% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Flat |
Strength | Insignificant |
Accuracy | 4.76% |
Values | Daily Returns |
ENN Energy Holdings vs. Enags SA
Performance |
Timeline |
ENN Energy Holdings |
Enags SA |
ENN Energy and Enags SA Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with ENN Energy and Enags SA
The main advantage of trading using opposite ENN Energy and Enags SA positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ENN Energy position performs unexpectedly, Enags SA 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 Enags SA will offset losses from the drop in Enags SA's long position.ENN Energy vs. Henderson Land Development | ENN Energy vs. CLP Holdings | ENN Energy vs. Power Assets Holdings | ENN Energy vs. Hang Lung Properties |
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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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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