Correlation Between FuelCell Energy and Skyline Builders
Can any of the company-specific risk be diversified away by investing in both FuelCell Energy and Skyline Builders 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 FuelCell Energy and Skyline Builders into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FuelCell Energy and Skyline Builders Group, you can compare the effects of market volatilities on FuelCell Energy and Skyline Builders 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 FuelCell Energy with a short position of Skyline Builders. Check out your portfolio center. Please also check ongoing floating volatility patterns of FuelCell Energy and Skyline Builders.
Diversification Opportunities for FuelCell Energy and Skyline Builders
0.78 | Correlation Coefficient |
Poor diversification
The 3 months correlation between FuelCell and Skyline is 0.78. Overlapping area represents the amount of risk that can be diversified away by holding FuelCell Energy and Skyline Builders Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Skyline Builders and FuelCell 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 FuelCell Energy are associated (or correlated) with Skyline Builders. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Skyline Builders has no effect on the direction of FuelCell Energy i.e., FuelCell Energy and Skyline Builders go up and down completely randomly.
Pair Corralation between FuelCell Energy and Skyline Builders
Given the investment horizon of 90 days FuelCell Energy is expected to generate 3.4 times less return on investment than Skyline Builders. But when comparing it to its historical volatility, FuelCell Energy is 1.71 times less risky than Skyline Builders. It trades about 0.12 of its potential returns per unit of risk. Skyline Builders Group is currently generating about 0.24 of returns per unit of risk over similar time horizon. If you would invest 48.00 in Skyline Builders Group on August 25, 2025 and sell it today you would earn a total of 165.00 from holding Skyline Builders Group or generate 343.75% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 96.92% |
| Values | Daily Returns |
FuelCell Energy vs. Skyline Builders Group
Performance |
| Timeline |
| FuelCell Energy |
| Skyline Builders |
FuelCell Energy and Skyline Builders Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FuelCell Energy and Skyline Builders
The main advantage of trading using opposite FuelCell Energy and Skyline Builders positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FuelCell Energy position performs unexpectedly, Skyline Builders 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 Skyline Builders will offset losses from the drop in Skyline Builders' long position.| FuelCell Energy vs. SKYX Platforms Corp | FuelCell Energy vs. Microvast Holdings | FuelCell Energy vs. Chardan NexTech Acquisition | FuelCell Energy vs. Blink Charging Co |
| Skyline Builders vs. OneConstruction Group Limited | Skyline Builders vs. Reitar Logtech Holdings | Skyline Builders vs. Mint Incorporation Limited | Skyline Builders vs. Eastern Co |
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 Price Exposure Probability module to analyze equity upside and downside potential for a given time horizon across multiple markets.
Other Complementary Tools
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Fundamental Analysis View fundamental data based on most recent published financial statements | |
| Stock Screener Find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook. | |
| Analyst Advice Analyst recommendations and target price estimates broken down by several categories | |
| Share Portfolio Track or share privately all of your investments from the convenience of any device |