Correlation Between CurrentC Power and LongFin Corp
Can any of the company-specific risk be diversified away by investing in both CurrentC Power and LongFin Corp 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 CurrentC Power and LongFin Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CurrentC Power and LongFin Corp, you can compare the effects of market volatilities on CurrentC Power and LongFin Corp 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 CurrentC Power with a short position of LongFin Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of CurrentC Power and LongFin Corp.
Diversification Opportunities for CurrentC Power and LongFin Corp
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between CurrentC and LongFin is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding CurrentC Power and LongFin Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on LongFin Corp and CurrentC Power 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 CurrentC Power are associated (or correlated) with LongFin Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of LongFin Corp has no effect on the direction of CurrentC Power i.e., CurrentC Power and LongFin Corp go up and down completely randomly.
Pair Corralation between CurrentC Power and LongFin Corp
If you would invest 3.53 in CurrentC Power on November 28, 2024 and sell it today you would earn a total of 0.89 from holding CurrentC Power or generate 25.21% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
CurrentC Power vs. LongFin Corp
Performance |
| Timeline |
| CurrentC Power |
| LongFin Corp |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
CurrentC Power and LongFin Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CurrentC Power and LongFin Corp
The main advantage of trading using opposite CurrentC Power and LongFin Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CurrentC Power position performs unexpectedly, LongFin Corp 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 LongFin Corp will offset losses from the drop in LongFin Corp's long position.| CurrentC Power vs. Borr Drilling | CurrentC Power vs. Hudson Technologies | CurrentC Power vs. Major Drilling Group | CurrentC Power vs. Vantage Drilling International |
| LongFin Corp vs. Ackroo Inc | LongFin Corp vs. CurrentC Power | LongFin Corp vs. Agent Information Software | LongFin Corp vs. Paycor HCM |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
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