Correlation Between Asure Software and Lion One
Can any of the company-specific risk be diversified away by investing in both Asure Software and Lion One 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 Lion One into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Asure Software and Lion One Metals, you can compare the effects of market volatilities on Asure Software and Lion One 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 Lion One. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asure Software and Lion One.
Diversification Opportunities for Asure Software and Lion One
0.17 | Correlation Coefficient |
Average diversification
The 3 months correlation between Asure and Lion is 0.17. Overlapping area represents the amount of risk that can be diversified away by holding Asure Software and Lion One Metals in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lion One Metals 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 Lion One. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lion One Metals has no effect on the direction of Asure Software i.e., Asure Software and Lion One go up and down completely randomly.
Pair Corralation between Asure Software and Lion One
Given the investment horizon of 90 days Asure Software is expected to generate 1.18 times more return on investment than Lion One. However, Asure Software is 1.18 times more volatile than Lion One Metals. It trades about 0.2 of its potential returns per unit of risk. Lion One Metals is currently generating about -0.19 per unit of risk. If you would invest 851.00 in Asure Software on September 2, 2024 and sell it today you would earn a total of 128.00 from holding Asure Software or generate 15.04% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Asure Software vs. Lion One Metals
Performance |
| Timeline |
| Asure Software |
| Lion One Metals |
Asure Software and Lion One Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Asure Software and Lion One
The main advantage of trading using opposite Asure Software and Lion One positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asure Software position performs unexpectedly, Lion One 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 Lion One will offset losses from the drop in Lion One's long position.| Asure Software vs. Ke Holdings | Asure Software vs. nCino Inc | Asure Software vs. Kingsoft Cloud Holdings | Asure Software vs. Jfrog |
| Lion One vs. Irving Resources | Lion One vs. Headwater Gold | Lion One vs. Novo Resources Corp | Lion One vs. Snowline Gold 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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
Other Complementary Tools
| CEOs Directory Screen CEOs from public companies around the world | |
| My Watchlist Analysis Analyze my current watchlist and to refresh optimization strategy. Macroaxis watchlist is based on self-learning algorithm to remember stocks you like | |
| Equity Search Search for actively traded equities including funds and ETFs from over 30 global markets | |
| FinTech Suite Use AI to screen and filter profitable investment opportunities | |
| Earnings Calls Check upcoming earnings announcements updated hourly across public exchanges |