Correlation Between Prog Hldgs and APPTECH CORP

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

Diversification Opportunities for Prog Hldgs and APPTECH CORP

0.0
  Correlation Coefficient

Pay attention - limited upside

The 3 months correlation between Prog Hldgs and APPTECH is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Prog Hldgs and APPTECH CORP in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on APPTECH CORP and Prog Hldgs 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 Prog Hldgs are associated (or correlated) with APPTECH CORP. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of APPTECH CORP has no effect on the direction of Prog Hldgs i.e., Prog Hldgs and APPTECH CORP go up and down completely randomly.

Pair Corralation between Prog Hldgs and APPTECH CORP

If you would invest (100.00)  in APPTECH CORP on June 30, 2022 and sell it today you would earn a total of  100.00  from holding APPTECH CORP or generate -100.0% return on investment over 90 days.
Time Period3 Months [change]
DirectionFlat 
StrengthInsignificant
Accuracy0.0%
ValuesDaily Returns

Prog Hldgs  vs.  APPTECH CORP

 Performance (%) 
       Timeline  
Prog Hldgs 
Prog Hldgs Performance
3 of 100
Compared to the overall equity markets, risk-adjusted returns on investments in Prog Hldgs are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. In spite of rather conflicting basic indicators, Prog Hldgs may actually be approaching a critical reversion point that can send shares even higher in October 2022.

Prog Hldgs Price Channel

APPTECH CORP 
APPTECH Performance
0 of 100
Over the last 90 days APPTECH CORP has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of fairly strong fundamental indicators, APPTECH CORP is not utilizing all of its potentials. The current stock price disturbance, may contribute to short-term losses for the investors.

Prog Hldgs and APPTECH CORP Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Prog Hldgs and APPTECH CORP

The main advantage of trading using opposite Prog Hldgs and APPTECH CORP positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Prog Hldgs position performs unexpectedly, APPTECH CORP 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 APPTECH CORP will offset losses from the drop in APPTECH CORP's long position.
Prog Hldgs vs. Amazon Inc
The idea behind Prog Hldgs and APPTECH CORP 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.
The effect of pair diversification on risk is to reduce it, but we should note this doesn't apply to all risk types. When we trade pairs against APPTECH CORP as a counterpart, there is always some inherent risk that will never be diversified away no matter what. This volatility limits the effect of tactical diversification using pair trading. APPTECH CORP's systematic risk is the inherent uncertainty of the entire market, and therefore cannot be mitigated even by pair-trading it against the equity that is not highly correlated to it. On the other hand, APPTECH CORP's unsystematic risk describes the types of risk that we can protect against, at least to some degree, by selecting a matching pair that is not perfectly correlated to APPTECH CORP.
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 Commodity Channel Index module to use Commodity Channel Index to analyze current equity momentum.

Other Complementary Tools

Pattern Recognition
Use different Pattern Recognition models to time the market across multiple global exchanges
Go
Theme Ratings
Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance
Go
Piotroski F Score
Get Piotroski F Score based on binary analysis strategy of nine different fundamentals
Go
Shere Portfolio
Track or share privately all of your investments from the convenience of any device
Go
Price Ceiling Movement
Calculate and plot Price Ceiling Movement for different equity instruments
Go
Portfolio Diagnostics
Use generated alerts and portfolio events aggregator to diagnose current holdings
Go
Performance Analysis
Check effects of mean-variance optimization against your current asset allocation
Go
Volatility Analysis
Get historical volatility and risk analysis based on latest market data
Go
Insider Screener
Find insiders across different sectors to evaluate their impact on performance
Go
CEO Directory
Screen CEOs from public companies around the world
Go
Crypto Correlations
Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins
Go