Correlation Between Nextracker and YPF Sociedad
Can any of the company-specific risk be diversified away by investing in both Nextracker and YPF Sociedad 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 Nextracker and YPF Sociedad into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nextracker Class A and YPF Sociedad Anonima, you can compare the effects of market volatilities on Nextracker and YPF Sociedad 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 Nextracker with a short position of YPF Sociedad. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nextracker and YPF Sociedad.
Diversification Opportunities for Nextracker and YPF Sociedad
0.64 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Nextracker and YPF is 0.64. Overlapping area represents the amount of risk that can be diversified away by holding Nextracker Class A and YPF Sociedad Anonima in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on YPF Sociedad Anonima and Nextracker 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 Nextracker Class A are associated (or correlated) with YPF Sociedad. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of YPF Sociedad Anonima has no effect on the direction of Nextracker i.e., Nextracker and YPF Sociedad go up and down completely randomly.
Pair Corralation between Nextracker and YPF Sociedad
Considering the 90-day investment horizon Nextracker is expected to generate 1.3 times less return on investment than YPF Sociedad. But when comparing it to its historical volatility, Nextracker Class A is 1.03 times less risky than YPF Sociedad. It trades about 0.11 of its potential returns per unit of risk. YPF Sociedad Anonima is currently generating about 0.13 of returns per unit of risk over similar time horizon. If you would invest 2,677 in YPF Sociedad Anonima on September 25, 2025 and sell it today you would earn a total of 914.00 from holding YPF Sociedad Anonima or generate 34.14% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Nextracker Class A vs. YPF Sociedad Anonima
Performance |
| Timeline |
| Nextracker Class A |
| YPF Sociedad Anonima |
Nextracker and YPF Sociedad Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Nextracker and YPF Sociedad
The main advantage of trading using opposite Nextracker and YPF Sociedad positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nextracker position performs unexpectedly, YPF Sociedad 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 YPF Sociedad will offset losses from the drop in YPF Sociedad's long position.| Nextracker vs. YPF Sociedad Anonima | Nextracker vs. Western Midstream Partners | Nextracker vs. TechnipFMC PLC | Nextracker vs. DT Midstream |
| YPF Sociedad vs. Western Midstream Partners | YPF Sociedad vs. Viper Energy Ut | YPF Sociedad vs. Coterra Energy | YPF Sociedad vs. Ecopetrol SA ADR |
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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
Other Complementary Tools
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Pattern Recognition Use different Pattern Recognition models to time the market across multiple global exchanges | |
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| Funds Screener Find actively-traded funds from around the world traded on over 30 global exchanges |