Correlation Between AMPL and SPACE

Can any of the company-specific risk be diversified away by investing in both AMPL and SPACE 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 AMPL and SPACE into the same portfolio, which is an essential part of the fundamental portfolio management process.

By analyzing existing cross correlation between AMPL and SPACE, you can compare the effects of market volatilities on AMPL and SPACE 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 AMPL with a short position of SPACE. Check out your portfolio center. Please also check ongoing floating volatility patterns of AMPL and SPACE.

Diversification Opportunities for AMPL and SPACE

0.31

Correlation Coefficient

AMPL  SPACE

Weak diversification

The 3 months correlation between AMPL and SPACE is 0.31. Overlapping area represents the amount of risk that can be diversified away by holding AMPL and SPACE in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SPACE and AMPL 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 AMPL are associated (or correlated) with SPACE. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SPACE has no effect on the direction of AMPL i.e., AMPL and SPACE go up and down completely randomly.

Pair Corralation between AMPL and SPACE

Assuming the 90 days trading horizon AMPL is expected to generate 1.3 times more return on investment than SPACE. However, AMPL is 1.3 times more volatile than SPACE. It trades about 0.04 of its potential returns per unit of risk. SPACE is currently generating about -0.03 per unit of risk. If you would invest  128.00  in AMPL on May 26, 2025 and sell it today you would earn a total of  3.00  from holding AMPL or generate 2.34% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Together
Strength	Very Weak
Accuracy	100.0%
Values	Daily Returns

AMPL  vs.  SPACE

AMPL

Risk-Adjusted Performance

Weak

Compared to the overall equity markets, risk-adjusted returns on investments in AMPL are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady fundamental indicators, AMPL exhibited solid returns over the last few months and may actually be approaching a breakup point.

SPACE

Risk-Adjusted Performance

Weakest

Over the last 90 days SPACE has generated negative risk-adjusted returns adding no value to investors with long positions. In spite of latest unsteady performance, the Crypto's fundamental indicators remain sound and the latest tumult on Wall Street may also be a sign of longer-term gains for SPACE shareholders.

Pair Trading with AMPL and SPACE

The main advantage of trading using opposite AMPL and SPACE positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AMPL position performs unexpectedly, SPACE 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 SPACE will offset losses from the drop in SPACE's long position.

The idea behind AMPL and SPACE 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.

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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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.