Correlation Between AMPX WT and EVgo Equity
Can any of the company-specific risk be diversified away by investing in both AMPX WT and EVgo Equity 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 AMPX WT and EVgo Equity into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AMPX WT and EVgo Equity Warrants, you can compare the effects of market volatilities on AMPX WT and EVgo Equity 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 AMPX WT with a short position of EVgo Equity. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMPX WT and EVgo Equity.
Diversification Opportunities for AMPX WT and EVgo Equity
-0.69 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between AMPX and EVgo is -0.69. Overlapping area represents the amount of risk that can be diversified away by holding AMPX WT and EVgo Equity Warrants in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on EVgo Equity Warrants and AMPX WT 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 AMPX WT are associated (or correlated) with EVgo Equity. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of EVgo Equity Warrants has no effect on the direction of AMPX WT i.e., AMPX WT and EVgo Equity go up and down completely randomly.
Pair Corralation between AMPX WT and EVgo Equity
Assuming the 90 days trading horizon AMPX WT is expected to generate 1.59 times more return on investment than EVgo Equity. However, AMPX WT is 1.59 times more volatile than EVgo Equity Warrants. It trades about 0.14 of its potential returns per unit of risk. EVgo Equity Warrants is currently generating about -0.02 per unit of risk. If you would invest 45.00 in AMPX WT on June 1, 2025 and sell it today you would earn a total of 123.00 from holding AMPX WT or generate 273.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 97.62% |
| Values | Daily Returns |
AMPX WT vs. EVgo Equity Warrants
Performance |
| Timeline |
| AMPX WT |
| EVgo Equity Warrants |
AMPX WT and EVgo Equity Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AMPX WT and EVgo Equity
The main advantage of trading using opposite AMPX WT and EVgo Equity positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMPX WT position performs unexpectedly, EVgo Equity 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 EVgo Equity will offset losses from the drop in EVgo Equity's long position.The idea behind AMPX WT and EVgo Equity Warrants 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.| EVgo Equity vs. Evgo Inc | EVgo Equity vs. Microvast Holdings | EVgo Equity vs. Nuvve Holding Corp | EVgo Equity vs. Nuvve Holding Corp |
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 Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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