Correlation Between Bridgeline Digital and Exela Technologies
Can any of the company-specific risk be diversified away by investing in both Bridgeline Digital and Exela Technologies 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 Bridgeline Digital and Exela Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Bridgeline Digital and Exela Technologies, you can compare the effects of market volatilities on Bridgeline Digital and Exela Technologies 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 Bridgeline Digital with a short position of Exela Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Bridgeline Digital and Exela Technologies.
Diversification Opportunities for Bridgeline Digital and Exela Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Bridgeline and Exela is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Bridgeline Digital and Exela Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Exela Technologies and Bridgeline Digital 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 Bridgeline Digital are associated (or correlated) with Exela Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Exela Technologies has no effect on the direction of Bridgeline Digital i.e., Bridgeline Digital and Exela Technologies go up and down completely randomly.
Pair Corralation between Bridgeline Digital and Exela Technologies
If you would invest 103.00 in Bridgeline Digital on November 9, 2024 and sell it today you would earn a total of 87.00 from holding Bridgeline Digital or generate 84.47% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Bridgeline Digital vs. Exela Technologies
Performance |
| Timeline |
| Bridgeline Digital |
| Exela Technologies |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Bridgeline Digital and Exela Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Bridgeline Digital and Exela Technologies
The main advantage of trading using opposite Bridgeline Digital and Exela Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Bridgeline Digital position performs unexpectedly, Exela Technologies 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 Exela Technologies will offset losses from the drop in Exela Technologies' long position.| Bridgeline Digital vs. Taoping | Bridgeline Digital vs. Datasea | Bridgeline Digital vs. Aurora Mobile | Bridgeline Digital vs. authID Inc |
| Exela Technologies vs. HeartCore Enterprises | Exela Technologies vs. Infobird Co | Exela Technologies vs. Quhuo | Exela Technologies vs. CXApp Inc |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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