Correlation Between ATIF Holdings and Planet Image
Can any of the company-specific risk be diversified away by investing in both ATIF Holdings and Planet Image 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 ATIF Holdings and Planet Image into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between ATIF Holdings and Planet Image International, you can compare the effects of market volatilities on ATIF Holdings and Planet Image 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 ATIF Holdings with a short position of Planet Image. Check out your portfolio center. Please also check ongoing floating volatility patterns of ATIF Holdings and Planet Image.
Diversification Opportunities for ATIF Holdings and Planet Image
-0.56 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between ATIF and Planet is -0.56. Overlapping area represents the amount of risk that can be diversified away by holding ATIF Holdings and Planet Image International in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Planet Image Interna and ATIF Holdings 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 ATIF Holdings are associated (or correlated) with Planet Image. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Planet Image Interna has no effect on the direction of ATIF Holdings i.e., ATIF Holdings and Planet Image go up and down completely randomly.
Pair Corralation between ATIF Holdings and Planet Image
Given the investment horizon of 90 days ATIF Holdings is expected to under-perform the Planet Image. In addition to that, ATIF Holdings is 1.41 times more volatile than Planet Image International. It trades about -0.03 of its total potential returns per unit of risk. Planet Image International is currently generating about -0.02 per unit of volatility. If you would invest 320.00 in Planet Image International on September 4, 2024 and sell it today you would lose (18.00) from holding Planet Image International or give up 5.62% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
ATIF Holdings vs. Planet Image International
Performance |
| Timeline |
| ATIF Holdings |
| Planet Image Interna |
ATIF Holdings and Planet Image Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with ATIF Holdings and Planet Image
The main advantage of trading using opposite ATIF Holdings and Planet Image positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if ATIF Holdings position performs unexpectedly, Planet Image 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 Planet Image will offset losses from the drop in Planet Image's long position.| ATIF Holdings vs. Katapult Holdings | ATIF Holdings vs. Arqit Quantum | ATIF Holdings vs. Marqeta | ATIF Holdings vs. Veritone |
| Planet Image vs. Sonida Senior Living | Planet Image vs. Waste Management | Planet Image vs. Franklin Credit Management | Planet Image vs. Merit Medical Systems |
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 Sync Your Broker module to sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors..
Other Complementary Tools
| Fundamentals Comparison Compare fundamentals across multiple equities to find investing opportunities | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Insider Screener Find insiders across different sectors to evaluate their impact on performance | |
| 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 | |
| Global Markets Map Get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes |