Correlation Between Banco Macro and Otonomo Technologies
Can any of the company-specific risk be diversified away by investing in both Banco Macro and Otonomo 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 Banco Macro and Otonomo Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Banco Macro SA and Otonomo Technologies, you can compare the effects of market volatilities on Banco Macro and Otonomo 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 Banco Macro with a short position of Otonomo Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Banco Macro and Otonomo Technologies.
Diversification Opportunities for Banco Macro and Otonomo Technologies
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Banco and Otonomo is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Banco Macro SA and Otonomo Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Otonomo Technologies and Banco Macro 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 Banco Macro SA are associated (or correlated) with Otonomo Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Otonomo Technologies has no effect on the direction of Banco Macro i.e., Banco Macro and Otonomo Technologies go up and down completely randomly.
Pair Corralation between Banco Macro and Otonomo Technologies
If you would invest (100.00) in Otonomo Technologies on November 29, 2024 and sell it today you would earn a total of 100.00 from holding Otonomo Technologies or generate -100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.0% |
| Values | Daily Returns |
Banco Macro SA vs. Otonomo Technologies
Performance |
| Timeline |
| Banco Macro SA |
| Otonomo Technologies |
Risk-Adjusted Performance
Very Weak
Weak | Strong |
Banco Macro and Otonomo Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Banco Macro and Otonomo Technologies
The main advantage of trading using opposite Banco Macro and Otonomo Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Banco Macro position performs unexpectedly, Otonomo 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 Otonomo Technologies will offset losses from the drop in Otonomo Technologies' long position.| Banco Macro vs. Grupo Supervielle SA | Banco Macro vs. BBVA Banco Frances | Banco Macro vs. Banco Bradesco SA | Banco Macro vs. Itau Unibanco Banco |
| Otonomo Technologies vs. Enfusion | Otonomo Technologies vs. ON24 Inc | Otonomo Technologies vs. Paycor HCM | Otonomo Technologies vs. eGain |
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 Crypto Correlations module to use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins.
Other Complementary Tools
| Premium Stories Follow Macroaxis premium stories from verified contributors across different equity types, categories and coverage scope | |
| Money Flow Index Determine momentum by analyzing Money Flow Index and other technical indicators | |
| Risk-Return Analysis View associations between returns expected from investment and the risk you assume | |
| Cryptocurrency Center Build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency | |
| Efficient Frontier Plot and analyze your portfolio and positions against risk-return landscape of the market. |