Correlation Between Blink Charging and Apple

Specify exactly 2 symbols:
Can any of the company-specific risk be diversified away by investing in both Blink Charging and Apple 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 Blink Charging and Apple into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Blink Charging Co and Apple Inc, you can compare the effects of market volatilities on Blink Charging and Apple 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 Blink Charging with a short position of Apple. Check out your portfolio center. Please also check ongoing floating volatility patterns of Blink Charging and Apple.

Diversification Opportunities for Blink Charging and Apple

0.63
  Correlation Coefficient

Poor diversification

The 3 months correlation between Blink and Apple is 0.63. Overlapping area represents the amount of risk that can be diversified away by holding Blink Charging Co and Apple Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Apple Inc and Blink Charging 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 Blink Charging Co are associated (or correlated) with Apple. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Apple Inc has no effect on the direction of Blink Charging i.e., Blink Charging and Apple go up and down completely randomly.

Pair Corralation between Blink Charging and Apple

Given the investment horizon of 90 days Blink Charging Co is expected to under-perform the Apple. In addition to that, Blink Charging is 1.62 times more volatile than Apple Inc. It trades about -0.06 of its total potential returns per unit of risk. Apple Inc is currently generating about 0.02 per unit of volatility. If you would invest  14,616  in Apple Inc on September 5, 2022 and sell it today you would earn a total of  165.00  from holding Apple Inc or generate 1.13% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Together 
StrengthSignificant
Accuracy100.0%
ValuesDaily Returns

Blink Charging Co  vs.  Apple Inc

 Performance (%) 
       Timeline  
Blink Charging 
Blink Performance
0 of 100
Over the last 90 days Blink Charging Co has generated negative risk-adjusted returns adding no value to investors with long positions. Despite sluggish performance in the last few months, the Stock's basic indicators remain fairly strong which may send shares a bit higher in January 2023. The recent confusion may also be a sign of long-lasting up-swing for the firm traders.

Blink Price Channel

Apple Inc 
Apple Performance
0 of 100
Over the last 90 days Apple Inc has generated negative risk-adjusted returns adding no value to investors with long positions. Even with relatively steady basic indicators, Apple is not utilizing all of its potentials. The current stock price chaos, may contribute to medium-term losses for the stakeholders.

Apple Price Channel

Blink Charging and Apple Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Blink Charging and Apple

The main advantage of trading using opposite Blink Charging and Apple positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Blink Charging position performs unexpectedly, Apple 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 Apple will offset losses from the drop in Apple's long position.
Blink Charging vs. Aecom Technology
Blink Charging vs. Argan Inc
Blink Charging vs. Ameresco
Blink Charging vs. Concrete Pumping Holdings
The idea behind Blink Charging Co and Apple Inc 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.
Apple vs. Applied Opt
Apple vs. ADTRAN Inc
Apple vs. Airgain
Apple vs. Akoustis 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 Bond Directory module to find actively traded corporate debentures issued by US companies.

Other Complementary Tools

Equity Forecasting
Use basic forecasting models to generate price predictions and determine price momentum
Go
Equity Valuation
Check real value of public entities based on technical and fundamental data
Go
Idea Analyzer
Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas
Go
Portfolio Diagnostics
Use generated alerts and portfolio events aggregator to diagnose current holdings
Go
Crypto Correlations
Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins
Go
Fund Screener
Find actively-traded funds from around the world traded on over 30 global exchanges
Go
Portfolio Backtesting
Avoid under-diversification and over-optimization by backtesting your portfolios
Go
Headlines Timeline
Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity
Go
Portfolio Rebalancing
Analyze risk-adjusted returns against different time horizons to find asset-allocation targets
Go