Correlation Between Fisker and GreenPower
Can any of the company-specific risk be diversified away by investing in both Fisker and GreenPower 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 Fisker and GreenPower into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Fisker Inc and GreenPower Motor, you can compare the effects of market volatilities on Fisker and GreenPower 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 Fisker with a short position of GreenPower. Check out your portfolio center. Please also check ongoing floating volatility patterns of Fisker and GreenPower.
Diversification Opportunities for Fisker and GreenPower
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Fisker and GreenPower is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Fisker Inc and GreenPower Motor in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GreenPower Motor and Fisker 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 Fisker Inc are associated (or correlated) with GreenPower. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GreenPower Motor has no effect on the direction of Fisker i.e., Fisker and GreenPower go up and down completely randomly.
Pair Corralation between Fisker and GreenPower
If you would invest (100.00) in Fisker Inc on March 17, 2025 and sell it today you would earn a total of 100.00 from holding Fisker Inc or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Fisker Inc vs. GreenPower Motor
Performance |
| Timeline |
| Fisker Inc |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
| GreenPower Motor |
Fisker and GreenPower Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Fisker and GreenPower
The main advantage of trading using opposite Fisker and GreenPower positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Fisker position performs unexpectedly, GreenPower 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 GreenPower will offset losses from the drop in GreenPower's long position.The idea behind Fisker Inc and GreenPower Motor 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.| GreenPower vs. Phoenix Motor Common | GreenPower vs. Envirotech Vehicles | GreenPower vs. Volcon Inc | GreenPower vs. Niu Technologies |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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