Correlation Between Audio Pixels and My Foodie
Can any of the company-specific risk be diversified away by investing in both Audio Pixels and My Foodie 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 Audio Pixels and My Foodie into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Audio Pixels Holdings and My Foodie Box, you can compare the effects of market volatilities on Audio Pixels and My Foodie 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 Audio Pixels with a short position of My Foodie. Check out your portfolio center. Please also check ongoing floating volatility patterns of Audio Pixels and My Foodie.
Diversification Opportunities for Audio Pixels and My Foodie
-1.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Audio and MBX is -1.0. Overlapping area represents the amount of risk that can be diversified away by holding Audio Pixels Holdings and My Foodie Box in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on My Foodie Box and Audio Pixels 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 Audio Pixels Holdings are associated (or correlated) with My Foodie. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of My Foodie Box has no effect on the direction of Audio Pixels i.e., Audio Pixels and My Foodie go up and down completely randomly.
Pair Corralation between Audio Pixels and My Foodie
Assuming the 90 days trading horizon Audio Pixels Holdings is expected to generate 0.81 times more return on investment than My Foodie. However, Audio Pixels Holdings is 1.24 times less risky than My Foodie. It trades about -0.01 of its potential returns per unit of risk. My Foodie Box is currently generating about -0.06 per unit of risk. If you would invest 1,016 in Audio Pixels Holdings on September 5, 2024 and sell it today you would lose (396.00) from holding Audio Pixels Holdings or give up 38.98% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Audio Pixels Holdings vs. My Foodie Box
Performance |
| Timeline |
| Audio Pixels Holdings |
| My Foodie Box |
Audio Pixels and My Foodie Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Audio Pixels and My Foodie
The main advantage of trading using opposite Audio Pixels and My Foodie positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Audio Pixels position performs unexpectedly, My Foodie 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 My Foodie will offset losses from the drop in My Foodie's long position.| Audio Pixels vs. Aneka Tambang Tbk | Audio Pixels vs. ANZ Group Holdings | Audio Pixels vs. Australia and New | Audio Pixels vs. ANZ Group Holdings |
| My Foodie vs. Audio Pixels Holdings | My Foodie vs. Norwest Minerals | My Foodie vs. Lindian Resources | My Foodie vs. Resource Base |
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 My Watchlist Analysis module to analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like.
Other Complementary Tools
| Performance Analysis Check effects of mean-variance optimization against your current asset allocation | |
| Watchlist Optimization Optimize watchlists to build efficient portfolios or rebalance existing positions based on the mean-variance optimization algorithm | |
| USA ETFs Find actively traded Exchange Traded Funds (ETF) in USA | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities |