Correlation Between Asure Software and Figs
Can any of the company-specific risk be diversified away by investing in both Asure Software and Figs 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 Asure Software and Figs into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Asure Software and Figs Inc, you can compare the effects of market volatilities on Asure Software and Figs 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 Asure Software with a short position of Figs. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asure Software and Figs.
Diversification Opportunities for Asure Software and Figs
-0.15 | Correlation Coefficient |
Good diversification
The 3 months correlation between Asure and Figs is -0.15. Overlapping area represents the amount of risk that can be diversified away by holding Asure Software and Figs Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Figs Inc and Asure Software 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 Asure Software are associated (or correlated) with Figs. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Figs Inc has no effect on the direction of Asure Software i.e., Asure Software and Figs go up and down completely randomly.
Pair Corralation between Asure Software and Figs
Given the investment horizon of 90 days Asure Software is expected to generate 0.84 times more return on investment than Figs. However, Asure Software is 1.19 times less risky than Figs. It trades about 0.01 of its potential returns per unit of risk. Figs Inc is currently generating about 0.01 per unit of risk. If you would invest 991.00 in Asure Software on September 12, 2024 and sell it today you would lose (78.00) from holding Asure Software or give up 7.87% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Asure Software vs. Figs Inc
Performance |
| Timeline |
| Asure Software |
| Figs Inc |
Asure Software and Figs Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asure Software and Figs
The main advantage of trading using opposite Asure Software and Figs positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asure Software position performs unexpectedly, Figs 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 Figs will offset losses from the drop in Figs' long position.| Asure Software vs. Alkami Technology | Asure Software vs. ADEIA P | Asure Software vs. Paycor HCM | Asure Software vs. Appfolio |
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 Balance Of Power module to check stock momentum by analyzing Balance Of Power indicator and other technical ratios.
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