Correlation Between Aerkomm and PowerFleet
Can any of the company-specific risk be diversified away by investing in both Aerkomm and PowerFleet 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 Aerkomm and PowerFleet into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Aerkomm and PowerFleet, you can compare the effects of market volatilities on Aerkomm and PowerFleet 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 Aerkomm with a short position of PowerFleet. Check out your portfolio center. Please also check ongoing floating volatility patterns of Aerkomm and PowerFleet.
Diversification Opportunities for Aerkomm and PowerFleet
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Aerkomm and PowerFleet is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Aerkomm and PowerFleet in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PowerFleet and Aerkomm 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 Aerkomm are associated (or correlated) with PowerFleet. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PowerFleet has no effect on the direction of Aerkomm i.e., Aerkomm and PowerFleet go up and down completely randomly.
Pair Corralation between Aerkomm and PowerFleet
If you would invest 314.00 in PowerFleet on September 1, 2024 and sell it today you would earn a total of 155.00 from holding PowerFleet or generate 49.36% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 48.15% |
| Values | Daily Returns |
Aerkomm vs. PowerFleet
Performance |
| Timeline |
| Aerkomm |
| PowerFleet |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Aerkomm and PowerFleet Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Aerkomm and PowerFleet
The main advantage of trading using opposite Aerkomm and PowerFleet positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Aerkomm position performs unexpectedly, PowerFleet 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 PowerFleet will offset losses from the drop in PowerFleet's long position.| Aerkomm vs. AmpliTech Group | Aerkomm vs. AAP Inc | Aerkomm vs. Airgain | Aerkomm vs. AAC Technologies Holdings |
| PowerFleet vs. KVH Industries | PowerFleet vs. Comtech Telecommunications Corp | PowerFleet vs. ADTRAN Inc | PowerFleet vs. Digi International |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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