Correlation Between Accelleron Industries and Enpro Industries
Can any of the company-specific risk be diversified away by investing in both Accelleron Industries and Enpro Industries 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 Accelleron Industries and Enpro Industries into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Accelleron Industries AG and Enpro Industries, you can compare the effects of market volatilities on Accelleron Industries and Enpro Industries 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 Accelleron Industries with a short position of Enpro Industries. Check out your portfolio center. Please also check ongoing floating volatility patterns of Accelleron Industries and Enpro Industries.
Diversification Opportunities for Accelleron Industries and Enpro Industries
0.12 | Correlation Coefficient |
Average diversification
The 3 months correlation between Accelleron and Enpro is 0.12. Overlapping area represents the amount of risk that can be diversified away by holding Accelleron Industries AG and Enpro Industries in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Enpro Industries and Accelleron Industries 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 Accelleron Industries AG are associated (or correlated) with Enpro Industries. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Enpro Industries has no effect on the direction of Accelleron Industries i.e., Accelleron Industries and Enpro Industries go up and down completely randomly.
Pair Corralation between Accelleron Industries and Enpro Industries
Assuming the 90 days trading horizon Accelleron Industries AG is expected to under-perform the Enpro Industries. But the stock apears to be less risky and, when comparing its historical volatility, Accelleron Industries AG is 1.63 times less risky than Enpro Industries. The stock trades about -0.12 of its potential returns per unit of risk. The Enpro Industries is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 22,463 in Enpro Industries on August 25, 2025 and sell it today you would lose (896.00) from holding Enpro Industries or give up 3.99% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Accelleron Industries AG vs. Enpro Industries
Performance |
| Timeline |
| Accelleron Industries |
| Enpro Industries |
Accelleron Industries and Enpro Industries Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Accelleron Industries and Enpro Industries
The main advantage of trading using opposite Accelleron Industries and Enpro Industries positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Accelleron Industries position performs unexpectedly, Enpro Industries 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 Enpro Industries will offset losses from the drop in Enpro Industries' long position.| Accelleron Industries vs. Flowtech Fluidpower plc | Accelleron Industries vs. Spotify Technology SA | Accelleron Industries vs. Iron Mountain | Accelleron Industries vs. Impax Environmental Markets |
| Enpro Industries vs. Arcosa Inc | Enpro Industries vs. Gates Industrial | Enpro Industries vs. Franklin Electric Co | Enpro Industries vs. CSW Industrials, |
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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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