Correlation Between Apptech Corp and VivoPower International
Can any of the company-specific risk be diversified away by investing in both Apptech Corp and VivoPower International 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 Apptech Corp and VivoPower International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apptech Corp and VivoPower International PLC, you can compare the effects of market volatilities on Apptech Corp and VivoPower International 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 Apptech Corp with a short position of VivoPower International. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apptech Corp and VivoPower International.
Diversification Opportunities for Apptech Corp and VivoPower International
-0.4 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Apptech and VivoPower is -0.4. Overlapping area represents the amount of risk that can be diversified away by holding Apptech Corp and VivoPower International PLC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on VivoPower International and Apptech Corp 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 Apptech Corp are associated (or correlated) with VivoPower International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of VivoPower International has no effect on the direction of Apptech Corp i.e., Apptech Corp and VivoPower International go up and down completely randomly.
Pair Corralation between Apptech Corp and VivoPower International
Given the investment horizon of 90 days Apptech Corp is expected to generate 2.76 times more return on investment than VivoPower International. However, Apptech Corp is 2.76 times more volatile than VivoPower International PLC. It trades about 0.09 of its potential returns per unit of risk. VivoPower International PLC is currently generating about 0.19 per unit of risk. If you would invest 37.00 in Apptech Corp on April 18, 2025 and sell it today you would lose (7.00) from holding Apptech Corp or give up 18.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 54.1% |
| Values | Daily Returns |
Apptech Corp vs. VivoPower International PLC
Performance |
| Timeline |
| Apptech Corp |
Risk-Adjusted Performance
OK
Weak | Strong |
| VivoPower International |
Apptech Corp and VivoPower International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apptech Corp and VivoPower International
The main advantage of trading using opposite Apptech Corp and VivoPower International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apptech Corp position performs unexpectedly, VivoPower International 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 VivoPower International will offset losses from the drop in VivoPower International's long position.| Apptech Corp vs. Ryvyl Inc | Apptech Corp vs. VirnetX Holding Corp | Apptech Corp vs. Gorilla Technology Group | Apptech Corp vs. authID Inc |
| VivoPower International vs. Ascent Solar Technologies, | VivoPower International vs. Emeren Group | VivoPower International vs. Polar Power | VivoPower International vs. Pioneer Power Solutions |
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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Piotroski F Score Get Piotroski F Score based on the binary analysis strategy of nine different fundamentals | |
| Equity Forecasting Use basic forecasting models to generate price predictions and determine price momentum | |
| Sectors List of equity sectors categorizing publicly traded companies based on their primary business activities | |
| Correlation Analysis Reduce portfolio risk simply by holding instruments which are not perfectly correlated |