Correlation Between Beamr Imaging and Viant Technology
Can any of the company-specific risk be diversified away by investing in both Beamr Imaging and Viant Technology 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 Viant Technology 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 Viant Technology, you can compare the effects of market volatilities on Beamr Imaging and Viant Technology 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 Viant Technology. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beamr Imaging and Viant Technology.
Diversification Opportunities for Beamr Imaging and Viant Technology
-0.31 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beamr and Viant is -0.31. Overlapping area represents the amount of risk that can be diversified away by holding Beamr Imaging Ltd and Viant Technology in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Viant Technology 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 Viant Technology. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Viant Technology has no effect on the direction of Beamr Imaging i.e., Beamr Imaging and Viant Technology go up and down completely randomly.
Pair Corralation between Beamr Imaging and Viant Technology
Considering the 90-day investment horizon Beamr Imaging Ltd is expected to under-perform the Viant Technology. But the stock apears to be less risky and, when comparing its historical volatility, Beamr Imaging Ltd is 1.27 times less risky than Viant Technology. The stock trades about -0.4 of its potential returns per unit of risk. The Viant Technology is currently generating about -0.02 of returns per unit of risk over similar time horizon. If you would invest 2,020 in Viant Technology on November 28, 2024 and sell it today you would lose (59.00) from holding Viant Technology or give up 2.92% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beamr Imaging Ltd vs. Viant Technology
Performance |
| Timeline |
| Beamr Imaging |
| Viant Technology |
Beamr Imaging and Viant Technology Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beamr Imaging and Viant Technology
The main advantage of trading using opposite Beamr Imaging and Viant Technology positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beamr Imaging position performs unexpectedly, Viant Technology 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 Viant Technology will offset losses from the drop in Viant Technology's long position.| Beamr Imaging vs. Infobird Co | Beamr Imaging vs. HeartCore Enterprises | Beamr Imaging vs. Trust Stamp | Beamr Imaging vs. Quhuo |
| Viant Technology vs. CS Disco LLC | Viant Technology vs. eGain | Viant Technology vs. Research Solutions | Viant Technology vs. Paycor HCM |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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