Correlation Between Beamr Imaging and Bentley Systems
Can any of the company-specific risk be diversified away by investing in both Beamr Imaging and Bentley Systems 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 Bentley Systems 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 Bentley Systems, you can compare the effects of market volatilities on Beamr Imaging and Bentley Systems 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 Bentley Systems. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beamr Imaging and Bentley Systems.
Diversification Opportunities for Beamr Imaging and Bentley Systems
0.45 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beamr and Bentley is 0.45. Overlapping area represents the amount of risk that can be diversified away by holding Beamr Imaging Ltd and Bentley Systems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Bentley Systems 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 Bentley Systems. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Bentley Systems has no effect on the direction of Beamr Imaging i.e., Beamr Imaging and Bentley Systems go up and down completely randomly.
Pair Corralation between Beamr Imaging and Bentley Systems
Considering the 90-day investment horizon Beamr Imaging Ltd is expected to generate 3.11 times more return on investment than Bentley Systems. However, Beamr Imaging is 3.11 times more volatile than Bentley Systems. It trades about 0.07 of its potential returns per unit of risk. Bentley Systems is currently generating about -0.02 per unit of risk. If you would invest 352.00 in Beamr Imaging Ltd on September 12, 2024 and sell it today you would earn a total of 48.00 from holding Beamr Imaging Ltd or generate 13.64% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beamr Imaging Ltd vs. Bentley Systems
Performance |
| Timeline |
| Beamr Imaging |
| Bentley Systems |
Beamr Imaging and Bentley Systems Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beamr Imaging and Bentley Systems
The main advantage of trading using opposite Beamr Imaging and Bentley Systems positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beamr Imaging position performs unexpectedly, Bentley Systems 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 Bentley Systems will offset losses from the drop in Bentley Systems' long position.| Beamr Imaging vs. Dave Warrants | Beamr Imaging vs. Swvl Holdings Corp | Beamr Imaging vs. Guardforce AI Co | Beamr Imaging vs. Thayer Ventures Acquisition |
| Bentley Systems vs. Appfolio | Bentley Systems vs. Workiva | Bentley Systems vs. Alarm Holdings | Bentley Systems vs. nCino 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 Earnings Calls module to check upcoming earnings announcements updated hourly across public exchanges.
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