Correlation Between OriginClear and Agilyx AS

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

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

Diversification Opportunities for OriginClear and Agilyx AS

-0.09

Correlation Coefficient

OriginClear  Agilyx AS

Good diversification

The 3 months correlation between OriginClear and Agilyx is -0.09. Overlapping area represents the amount of risk that can be diversified away by holding OriginClear and Agilyx AS in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilyx AS and OriginClear 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 OriginClear are associated (or correlated) with Agilyx AS. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilyx AS has no effect on the direction of OriginClear i.e., OriginClear and Agilyx AS go up and down completely randomly.

Pair Corralation between OriginClear and Agilyx AS

Given the investment horizon of 90 days OriginClear is expected to generate 3.88 times more return on investment than Agilyx AS. However, OriginClear is 3.88 times more volatile than Agilyx AS. It trades about 0.03 of its potential returns per unit of risk. Agilyx AS is currently generating about -0.11 per unit of risk. If you would invest  0.27  in OriginClear on January 13, 2025 and sell it today you would lose (0.05) from holding OriginClear or give up 18.52% of portfolio value over 90 days.

Time Period	3 Months [change]
Direction	Moves Against
Strength	Insignificant
Accuracy	98.46%
Values	Daily Returns

OriginClear  vs.  Agilyx AS

OriginClear

Risk-Adjusted Performance

Weak

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

Agilyx AS

Risk-Adjusted Performance

Very Weak

Over the last 90 days Agilyx AS has generated negative risk-adjusted returns adding no value to investors with long positions. Despite fragile performance in the last few months, the Stock's basic indicators remain nearly stable which may send shares a bit higher in May 2025. The current disturbance may also be a sign of long-run up-swing for the company stockholders.

Pair Trading with OriginClear and Agilyx AS

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

The idea behind OriginClear and Agilyx AS 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 Commodity Directory module to find actively traded commodities issued by global exchanges.