Correlation Between Apptech Corp and Glimpse
Can any of the company-specific risk be diversified away by investing in both Apptech Corp and Glimpse 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 Apptech Corp and Glimpse into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Apptech Corp and Glimpse Group, you can compare the effects of market volatilities on Apptech Corp and Glimpse 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 Apptech Corp with a short position of Glimpse. Check out your portfolio center. Please also check ongoing floating volatility patterns of Apptech Corp and Glimpse.
Diversification Opportunities for Apptech Corp and Glimpse
0.61 | Correlation Coefficient |
Poor diversification
The 3 months correlation between Apptech and Glimpse is 0.61. Overlapping area represents the amount of risk that can be diversified away by holding Apptech Corp and Glimpse Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Glimpse Group and Apptech Corp 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 Apptech Corp are associated (or correlated) with Glimpse. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Glimpse Group has no effect on the direction of Apptech Corp i.e., Apptech Corp and Glimpse go up and down completely randomly.
Pair Corralation between Apptech Corp and Glimpse
Given the investment horizon of 90 days Apptech Corp is expected to under-perform the Glimpse. In addition to that, Apptech Corp is 1.19 times more volatile than Glimpse Group. It trades about -0.04 of its total potential returns per unit of risk. Glimpse Group is currently generating about -0.04 per unit of volatility. If you would invest 140.00 in Glimpse Group on August 24, 2024 and sell it today you would lose (79.28) from holding Glimpse Group or give up 56.63% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Significant |
| Accuracy | 99.6% |
| Values | Daily Returns |
Apptech Corp vs. Glimpse Group
Performance |
| Timeline |
| Apptech Corp |
| Glimpse Group |
Apptech Corp and Glimpse Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Apptech Corp and Glimpse
The main advantage of trading using opposite Apptech Corp and Glimpse positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Apptech Corp position performs unexpectedly, Glimpse 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 Glimpse will offset losses from the drop in Glimpse's long position.| Apptech Corp vs. Blackboxstocks | Apptech Corp vs. American Rebel Holdings | Apptech Corp vs. TC BioPharm Holdings | Apptech Corp vs. Healthcare Triangle |
| Glimpse vs. Zenvia Inc | Glimpse vs. authID Inc | Glimpse vs. Synchronoss Technologies | Glimpse vs. Apptech Corp |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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