Correlation Between Asure Software and KROGER

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Can any of the company-specific risk be diversified away by investing in both Asure Software and KROGER 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 KROGER into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Asure Software and KROGER 69 percent, you can compare the effects of market volatilities on Asure Software and KROGER 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 KROGER. Check out your portfolio center. Please also check ongoing floating volatility patterns of Asure Software and KROGER.

Diversification Opportunities for Asure Software and KROGER

-0.06
  Correlation Coefficient

Good diversification

The 3 months correlation between Asure and KROGER is -0.06. Overlapping area represents the amount of risk that can be diversified away by holding Asure Software and KROGER 69 percent in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on KROGER 69 percent 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 KROGER. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of KROGER 69 percent has no effect on the direction of Asure Software i.e., Asure Software and KROGER go up and down completely randomly.

Pair Corralation between Asure Software and KROGER

Given the investment horizon of 90 days Asure Software is expected to generate 1.96 times more return on investment than KROGER. However, Asure Software is 1.96 times more volatile than KROGER 69 percent. It trades about 0.09 of its potential returns per unit of risk. KROGER 69 percent is currently generating about -0.05 per unit of risk. If you would invest  730.00  in Asure Software on September 3, 2024 and sell it today you would earn a total of  249.00  from holding Asure Software or generate 34.11% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy61.64%
ValuesDaily Returns

Asure Software  vs.  KROGER 69 percent

 Performance 
       Timeline  
Asure Software 

Risk-Adjusted Performance

7 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in Asure Software are ranked lower than 7 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak basic indicators, Asure Software reported solid returns over the last few months and may actually be approaching a breakup point.
KROGER 69 percent 

Risk-Adjusted Performance

0 of 100

 
Weak
 
Strong
Very Weak
Over the last 90 days KROGER 69 percent has generated negative risk-adjusted returns adding no value to investors with long positions. Despite inconsistent performance in the last few months, the Bond's basic indicators remain somewhat strong which may send shares a bit higher in January 2025. The current disturbance may also be a sign of long term up-swing for KROGER 69 percent investors.

Asure Software and KROGER Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Asure Software and KROGER

The main advantage of trading using opposite Asure Software and KROGER positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Asure Software position performs unexpectedly, KROGER 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 KROGER will offset losses from the drop in KROGER's long position.
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The idea behind Asure Software and KROGER 69 percent pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Idea Optimizer module to use advanced portfolio builder with pre-computed micro ideas to build optimal portfolio .

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