Correlation Between Advent Technologies and Clearway Energy
Can any of the company-specific risk be diversified away by investing in both Advent Technologies and Clearway Energy 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 Advent Technologies and Clearway Energy into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Advent Technologies Holdings and Clearway Energy Class, you can compare the effects of market volatilities on Advent Technologies and Clearway Energy 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 Advent Technologies with a short position of Clearway Energy. Check out your portfolio center. Please also check ongoing floating volatility patterns of Advent Technologies and Clearway Energy.
Diversification Opportunities for Advent Technologies and Clearway Energy
-0.71 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Advent and Clearway is -0.71. Overlapping area represents the amount of risk that can be diversified away by holding Advent Technologies Holdings and Clearway Energy Class in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clearway Energy Class and Advent Technologies 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 Advent Technologies Holdings are associated (or correlated) with Clearway Energy. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clearway Energy Class has no effect on the direction of Advent Technologies i.e., Advent Technologies and Clearway Energy go up and down completely randomly.
Pair Corralation between Advent Technologies and Clearway Energy
Considering the 90-day investment horizon Advent Technologies Holdings is expected to generate 7.11 times more return on investment than Clearway Energy. However, Advent Technologies is 7.11 times more volatile than Clearway Energy Class. It trades about 0.08 of its potential returns per unit of risk. Clearway Energy Class is currently generating about -0.05 per unit of risk. If you would invest 290.00 in Advent Technologies Holdings on June 6, 2025 and sell it today you would earn a total of 85.00 from holding Advent Technologies Holdings or generate 29.31% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Advent Technologies Holdings vs. Clearway Energy Class
Performance |
| Timeline |
| Advent Technologies |
| Clearway Energy Class |
Advent Technologies and Clearway Energy Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Advent Technologies and Clearway Energy
The main advantage of trading using opposite Advent Technologies and Clearway Energy positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Advent Technologies position performs unexpectedly, Clearway Energy 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 Clearway Energy will offset losses from the drop in Clearway Energy's long position.| Advent Technologies vs. Advent Technologies Holdings | Advent Technologies vs. AgriFORCE Growing Systems | Advent Technologies vs. Azure Power Global | Advent Technologies vs. Ensysce Biosciences |
| Clearway Energy vs. Brookfield Renewable Partners | Clearway Energy vs. Brookfield Renewable Corp | Clearway Energy vs. Clearway Energy | Clearway Energy vs. Hannon Armstrong Sustainable |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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