Correlation Between Alfi and AppTech Payments
Can any of the company-specific risk be diversified away by investing in both Alfi and AppTech Payments 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 Alfi and AppTech Payments into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Alfi Inc and AppTech Payments Corp, you can compare the effects of market volatilities on Alfi and AppTech Payments 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 Alfi with a short position of AppTech Payments. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alfi and AppTech Payments.
Diversification Opportunities for Alfi and AppTech Payments
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Alfi and AppTech is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Alfi Inc and AppTech Payments Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AppTech Payments Corp and Alfi 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 Alfi Inc are associated (or correlated) with AppTech Payments. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AppTech Payments Corp has no effect on the direction of Alfi i.e., Alfi and AppTech Payments go up and down completely randomly.
Pair Corralation between Alfi and AppTech Payments
If you would invest 12.00 in AppTech Payments Corp on November 3, 2024 and sell it today you would earn a total of 7.00 from holding AppTech Payments Corp or generate 58.33% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 4.76% |
| Values | Daily Returns |
Alfi Inc vs. AppTech Payments Corp
Performance |
| Timeline |
| Alfi Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| AppTech Payments Corp |
Alfi and AppTech Payments Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alfi and AppTech Payments
The main advantage of trading using opposite Alfi and AppTech Payments positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alfi position performs unexpectedly, AppTech Payments 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 AppTech Payments will offset losses from the drop in AppTech Payments' long position.| Alfi vs. Arax Holdings Corp | Alfi vs. AppTech Payments Corp | Alfi vs. Arbe Robotics Ltd | Alfi vs. Argentum 47 |
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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 Stock Screener module to find equities using a custom stock filter or screen asymmetry in trading patterns, price, volume, or investment outlook..
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