Correlation Between ASP Isotopes and First Graphene

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

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

Diversification Opportunities for ASP Isotopes and First Graphene

-0.28

Correlation Coefficient

ASP Isotopes  First Graphene

Very good diversification

The 3 months correlation between ASP and First is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding ASP Isotopes Common and First Graphene in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on First Graphene and ASP Isotopes 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 ASP Isotopes Common are associated (or correlated) with First Graphene. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of First Graphene has no effect on the direction of ASP Isotopes i.e., ASP Isotopes and First Graphene go up and down completely randomly.

Pair Corralation between ASP Isotopes and First Graphene

Given the investment horizon of 90 days ASP Isotopes Common is expected to generate 0.48 times more return on investment than First Graphene. However, ASP Isotopes Common is 2.1 times less risky than First Graphene. It trades about 0.12 of its potential returns per unit of risk. First Graphene is currently generating about 0.04 per unit of risk. If you would invest  667.00  in ASP Isotopes Common on May 12, 2025 and sell it today you would earn a total of  265.00  from holding ASP Isotopes Common or generate 39.73% return on investment over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	100.0%
Values	Daily Returns

ASP Isotopes Common  vs.  First Graphene

ASP Isotopes Common

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in ASP Isotopes Common are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. Despite fairly abnormal basic indicators, ASP Isotopes demonstrated solid returns over the last few months and may actually be approaching a breakup point.

First Graphene

Risk-Adjusted Performance

Soft

Compared to the overall equity markets, risk-adjusted returns on investments in First Graphene are ranked lower than 3 (%) of all global equities and portfolios over the last 90 days. Despite nearly fragile technical indicators, First Graphene reported solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with ASP Isotopes and First Graphene

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

The idea behind ASP Isotopes Common and First Graphene 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.

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 Piotroski F Score module to get Piotroski F Score based on the binary analysis strategy of nine different fundamentals.