Correlation Between Alkami Technology and Beamr Imaging
Can any of the company-specific risk be diversified away by investing in both Alkami Technology and Beamr Imaging 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 Alkami Technology and Beamr Imaging into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Alkami Technology and Beamr Imaging Ltd, you can compare the effects of market volatilities on Alkami Technology and Beamr Imaging 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 Alkami Technology with a short position of Beamr Imaging. Check out your portfolio center. Please also check ongoing floating volatility patterns of Alkami Technology and Beamr Imaging.
Diversification Opportunities for Alkami Technology and Beamr Imaging
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Alkami and Beamr is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Alkami Technology and Beamr Imaging Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beamr Imaging and Alkami Technology 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 Alkami Technology are associated (or correlated) with Beamr Imaging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beamr Imaging has no effect on the direction of Alkami Technology i.e., Alkami Technology and Beamr Imaging go up and down completely randomly.
Pair Corralation between Alkami Technology and Beamr Imaging
Given the investment horizon of 90 days Alkami Technology is expected to generate 0.66 times more return on investment than Beamr Imaging. However, Alkami Technology is 1.51 times less risky than Beamr Imaging. It trades about 0.11 of its potential returns per unit of risk. Beamr Imaging Ltd is currently generating about -0.12 per unit of risk. If you would invest 3,818 in Alkami Technology on August 24, 2024 and sell it today you would earn a total of 251.00 from holding Alkami Technology or generate 6.57% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Alkami Technology vs. Beamr Imaging Ltd
Performance |
| Timeline |
| Alkami Technology |
| Beamr Imaging |
Alkami Technology and Beamr Imaging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Alkami Technology and Beamr Imaging
The main advantage of trading using opposite Alkami Technology and Beamr Imaging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Alkami Technology position performs unexpectedly, Beamr Imaging 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 Beamr Imaging will offset losses from the drop in Beamr Imaging's long position.| Alkami Technology vs. Agilysys | Alkami Technology vs. ADEIA P | Alkami Technology vs. Paycor HCM | Alkami Technology vs. Paylocity Holdng |
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 Bonds Directory module to find actively traded corporate debentures issued by US companies.
Other Complementary Tools
| Stock Tickers Use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites | |
| Idea Optimizer Use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio | |
| Volatility Analysis Get historical volatility and risk analysis based on latest market data | |
| Idea Analyzer Analyze all characteristics, volatility and risk-adjusted return of Macroaxis ideas | |
| Instant Ratings Determine any equity ratings based on digital recommendations. Macroaxis instant equity ratings are based on combination of fundamental analysis and risk-adjusted market performance |