Correlation Between Beamr Imaging and Agilysys
Can any of the company-specific risk be diversified away by investing in both Beamr Imaging and Agilysys 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 Beamr Imaging and Agilysys into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Beamr Imaging Ltd and Agilysys, you can compare the effects of market volatilities on Beamr Imaging and Agilysys 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 Beamr Imaging with a short position of Agilysys. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beamr Imaging and Agilysys.
Diversification Opportunities for Beamr Imaging and Agilysys
-0.54 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between Beamr and Agilysys is -0.54. Overlapping area represents the amount of risk that can be diversified away by holding Beamr Imaging Ltd and Agilysys in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Agilysys and Beamr Imaging 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 Beamr Imaging Ltd are associated (or correlated) with Agilysys. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Agilysys has no effect on the direction of Beamr Imaging i.e., Beamr Imaging and Agilysys go up and down completely randomly.
Pair Corralation between Beamr Imaging and Agilysys
Considering the 90-day investment horizon Beamr Imaging is expected to generate 2.11 times less return on investment than Agilysys. In addition to that, Beamr Imaging is 1.45 times more volatile than Agilysys. It trades about 0.12 of its total potential returns per unit of risk. Agilysys is currently generating about 0.38 per unit of volatility. If you would invest 10,414 in Agilysys on September 6, 2024 and sell it today you would earn a total of 2,780 from holding Agilysys or generate 26.69% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beamr Imaging Ltd vs. Agilysys
Performance |
| Timeline |
| Beamr Imaging |
| Agilysys |
Beamr Imaging and Agilysys Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beamr Imaging and Agilysys
The main advantage of trading using opposite Beamr Imaging and Agilysys positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beamr Imaging position performs unexpectedly, Agilysys 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 Agilysys will offset losses from the drop in Agilysys' long position.| Beamr Imaging vs. Infobird Co | Beamr Imaging vs. HeartCore Enterprises | Beamr Imaging vs. Trust Stamp | Beamr Imaging vs. Quhuo |
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 Companies Directory module to evaluate performance of over 100,000 Stocks, Funds, and ETFs against different fundamentals.
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