Correlation Between AKRO and OpenLedger

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

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

Diversification Opportunities for AKRO and OpenLedger

0.18

Correlation Coefficient

AKRO  OpenLedger

Average diversification

The 3 months correlation between AKRO and OpenLedger is 0.18. Overlapping area represents the amount of risk that can be diversified away by holding AKRO and OpenLedger in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OpenLedger and AKRO 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 AKRO are associated (or correlated) with OpenLedger. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OpenLedger has no effect on the direction of AKRO i.e., AKRO and OpenLedger go up and down completely randomly.

Pair Corralation between AKRO and OpenLedger

Assuming the 90 days trading horizon AKRO is expected to generate 19.48 times less return on investment than OpenLedger. But when comparing it to its historical volatility, AKRO is 21.41 times less risky than OpenLedger. It trades about 0.14 of its potential returns per unit of risk. OpenLedger is currently generating about 0.12 of returns per unit of risk over similar time horizon. If you would invest  0.39  in OpenLedger on July 11, 2025 and sell it today you would earn a total of  62.61  from holding OpenLedger or generate 15930.53% return on investment over 90 days.

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

AKRO  vs.  OpenLedger

AKRO

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in AKRO are ranked lower than 10 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady fundamental indicators, AKRO exhibited solid returns over the last few months and may actually be approaching a breakup point.

OpenLedger

Risk-Adjusted Performance

Fair

Compared to the overall equity markets, risk-adjusted returns on investments in OpenLedger are ranked lower than 9 (%) of all global equities and portfolios over the last 90 days. In spite of rather unsteady fundamental indicators, OpenLedger exhibited solid returns over the last few months and may actually be approaching a breakup point.

Pair Trading with AKRO and OpenLedger

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

The idea behind AKRO and OpenLedger 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.