Correlation Between AmpliTech and Auddia
Can any of the company-specific risk be diversified away by investing in both AmpliTech and Auddia 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 AmpliTech and Auddia into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between AmpliTech Group and Auddia Inc, you can compare the effects of market volatilities on AmpliTech and Auddia 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 AmpliTech with a short position of Auddia. Check out your portfolio center. Please also check ongoing floating volatility patterns of AmpliTech and Auddia.
Diversification Opportunities for AmpliTech and Auddia
Very good diversification
The 3 months correlation between AmpliTech and Auddia is -0.49. Overlapping area represents the amount of risk that can be diversified away by holding AmpliTech Group and Auddia Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Auddia Inc and AmpliTech 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 AmpliTech Group are associated (or correlated) with Auddia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Auddia Inc has no effect on the direction of AmpliTech i.e., AmpliTech and Auddia go up and down completely randomly.
Pair Corralation between AmpliTech and Auddia
Assuming the 90 days horizon AmpliTech is expected to generate 1.08 times less return on investment than Auddia. In addition to that, AmpliTech is 1.2 times more volatile than Auddia Inc. It trades about 0.11 of its total potential returns per unit of risk. Auddia Inc is currently generating about 0.15 per unit of volatility. If you would invest 2.11 in Auddia Inc on November 3, 2024 and sell it today you would earn a total of 0.49 from holding Auddia Inc or generate 23.22% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 90.48% |
| Values | Daily Returns |
AmpliTech Group vs. Auddia Inc
Performance |
| Timeline |
| AmpliTech Group |
| Auddia Inc |
AmpliTech and Auddia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with AmpliTech and Auddia
The main advantage of trading using opposite AmpliTech and Auddia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if AmpliTech position performs unexpectedly, Auddia 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 Auddia will offset losses from the drop in Auddia's long position.| AmpliTech vs. Auddia Inc | AmpliTech vs. Amplitech Group | AmpliTech vs. Advent Technologies Holdings | AmpliTech vs. Cyclo Therapeutics |
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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 Share Portfolio module to track or share privately all of your investments from the convenience of any device.
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