Plug Power Inc. is an American company engaged in the development of hydrogen fuel cell systems that replace conventional batteries in equipment and vehicles powered by electricity.
ChargePoint is an American electric vehicle infrastructure company based in Campbell, California. ChargePoint operates the largest online network of independently owned EV charging stations operating in 14 countries and makes the technology used in it.
Blink Charging Co. is an owner, operator, and provider of electric vehicle (EV) charging equipment and networked EV charging services in United States and international markets for EVs.
Question: Consider a daily stock trading window from June 6 to December 2, 2022. The three EV charging station companies had made different stock return, where Blink made 0.026% average daily return, ChargePoint made -0.054%, and Plug Power made 0.011%. Meanwhile, their stock returns had different risk measured by standard deviation, where Blink made 5.052%, ChargePoint made 5.469%, and Plug Power made 5.416%. Is there any way to lower the risk by using these three companiesâ stocks? If so, then how? Provide an investment strategy based on the statistics and portfolio investment theory.