Correlation Between Nano Dimension and AGM Group
Can any of the company-specific risk be diversified away by investing in both Nano Dimension and AGM Group 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 Nano Dimension and AGM Group into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Nano Dimension and AGM Group Holdings, you can compare the effects of market volatilities on Nano Dimension and AGM Group 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 Nano Dimension with a short position of AGM Group. Check out your portfolio center. Please also check ongoing floating volatility patterns of Nano Dimension and AGM Group.
Diversification Opportunities for Nano Dimension and AGM Group
0.27 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Nano and AGM is 0.27. Overlapping area represents the amount of risk that can be diversified away by holding Nano Dimension and AGM Group Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AGM Group Holdings and Nano Dimension 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 Nano Dimension are associated (or correlated) with AGM Group. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AGM Group Holdings has no effect on the direction of Nano Dimension i.e., Nano Dimension and AGM Group go up and down completely randomly.
Pair Corralation between Nano Dimension and AGM Group
Given the investment horizon of 90 days Nano Dimension is expected to generate 3.23 times less return on investment than AGM Group. But when comparing it to its historical volatility, Nano Dimension is 1.78 times less risky than AGM Group. It trades about 0.02 of its potential returns per unit of risk. AGM Group Holdings is currently generating about 0.03 of returns per unit of risk over similar time horizon. If you would invest 161.00 in AGM Group Holdings on September 11, 2024 and sell it today you would earn a total of 13.00 from holding AGM Group Holdings or generate 8.07% return on investment over 90 days.
Time Period | 3 Months [change] |
Direction | Moves Together |
Strength | Very Weak |
Accuracy | 98.79% |
Values | Daily Returns |
Nano Dimension vs. AGM Group Holdings
Performance |
Timeline |
Nano Dimension |
AGM Group Holdings |
Nano Dimension and AGM Group Volatility Contrast
Predicted Return Density |
Returns |
Pair Trading with Nano Dimension and AGM Group
The main advantage of trading using opposite Nano Dimension and AGM Group positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Nano Dimension position performs unexpectedly, AGM Group 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 AGM Group will offset losses from the drop in AGM Group's long position.Nano Dimension vs. Desktop Metal | Nano Dimension vs. 3D Systems | Nano Dimension vs. Markforged Holding Corp | Nano Dimension vs. Stratasys |
AGM Group vs. TransAct Technologies Incorporated | AGM Group vs. Key Tronic | AGM Group vs. Identiv | AGM Group vs. AstroNova |
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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
Other Complementary Tools
Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
Odds Of Bankruptcy Get analysis of equity chance of financial distress in the next 2 years |