Correlation Between Enphase Energy and Cohen Steers
Can any of the company-specific risk be diversified away by investing in both Enphase Energy and Cohen Steers 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 Enphase Energy and Cohen Steers into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Enphase Energy and Cohen Steers Real, you can compare the effects of market volatilities on Enphase Energy and Cohen Steers 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 Enphase Energy with a short position of Cohen Steers. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enphase Energy and Cohen Steers.
Diversification Opportunities for Enphase Energy and Cohen Steers
-0.66 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Enphase and Cohen is -0.66. Overlapping area represents the amount of risk that can be diversified away by holding Enphase Energy and Cohen Steers Real in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cohen Steers Real and Enphase 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 Enphase Energy are associated (or correlated) with Cohen Steers. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cohen Steers Real has no effect on the direction of Enphase Energy i.e., Enphase Energy and Cohen Steers go up and down completely randomly.
Pair Corralation between Enphase Energy and Cohen Steers
Given the investment horizon of 90 days Enphase Energy is expected to under-perform the Cohen Steers. In addition to that, Enphase Energy is 4.14 times more volatile than Cohen Steers Real. It trades about -0.06 of its total potential returns per unit of risk. Cohen Steers Real is currently generating about 0.04 per unit of volatility. If you would invest 1,619 in Cohen Steers Real on April 6, 2025 and sell it today you would earn a total of 169.00 from holding Cohen Steers Real or generate 10.44% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Enphase Energy vs. Cohen Steers Real
Performance |
| Timeline |
| Enphase Energy |
| Cohen Steers Real |
Enphase Energy and Cohen Steers Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enphase Energy and Cohen Steers
The main advantage of trading using opposite Enphase Energy and Cohen Steers positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enphase Energy position performs unexpectedly, Cohen Steers 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 Cohen Steers will offset losses from the drop in Cohen Steers' long position.| Enphase Energy vs. Asbury Automotive Group | Enphase Energy vs. National Vision Holdings | Enphase Energy vs. Weyco Group | Enphase Energy vs. Hudson Technologies |
| Cohen Steers vs. Aew Real Estate | Cohen Steers vs. Prudential Real Estate | Cohen Steers vs. Pace Global Real | Cohen Steers vs. Vy Clarion Global |
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 Volatility Analysis module to get historical volatility and risk analysis based on latest market data.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Investing Opportunities Build portfolios using our predefined set of ideas and optimize them against your investing preferences | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |