Correlation Between Digital Turbine and Beamr Imaging
Can any of the company-specific risk be diversified away by investing in both Digital Turbine 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 Digital Turbine and Beamr Imaging into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Digital Turbine and Beamr Imaging Ltd, you can compare the effects of market volatilities on Digital Turbine 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 Digital Turbine with a short position of Beamr Imaging. Check out your portfolio center. Please also check ongoing floating volatility patterns of Digital Turbine and Beamr Imaging.
Diversification Opportunities for Digital Turbine and Beamr Imaging
0.56 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Digital and Beamr is 0.56. Overlapping area represents the amount of risk that can be diversified away by holding Digital Turbine and Beamr Imaging Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beamr Imaging and Digital Turbine 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 Digital Turbine 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 Digital Turbine i.e., Digital Turbine and Beamr Imaging go up and down completely randomly.
Pair Corralation between Digital Turbine and Beamr Imaging
Given the investment horizon of 90 days Digital Turbine is expected to generate 1.92 times more return on investment than Beamr Imaging. However, Digital Turbine is 1.92 times more volatile than Beamr Imaging Ltd. It trades about 0.04 of its potential returns per unit of risk. Beamr Imaging Ltd is currently generating about -0.03 per unit of risk. If you would invest 161.00 in Digital Turbine on September 2, 2024 and sell it today you would lose (17.00) from holding Digital Turbine or give up 10.56% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Digital Turbine vs. Beamr Imaging Ltd
Performance |
| Timeline |
| Digital Turbine |
| Beamr Imaging |
Digital Turbine and Beamr Imaging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Digital Turbine and Beamr Imaging
The main advantage of trading using opposite Digital Turbine and Beamr Imaging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Digital Turbine 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.| Digital Turbine vs. Ke Holdings | Digital Turbine vs. nCino Inc | Digital Turbine vs. Kingsoft Cloud Holdings | Digital Turbine vs. Jfrog |
| Beamr Imaging vs. Infobird Co | Beamr Imaging vs. HeartCore Enterprises | Beamr Imaging vs. Trust Stamp | Beamr Imaging vs. Quhuo |
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 Funds Screener module to find actively-traded funds from around the world traded on over 30 global exchanges.
Other Complementary Tools
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes | |
| AI Portfolio Architect Use AI to generate optimal portfolios and find profitable investment opportunities | |
| Headlines Timeline Stay connected to all market stories and filter out noise. Drill down to analyze hype elasticity | |
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope |