Correlation Between Beamr Imaging and Freight Technologies
Can any of the company-specific risk be diversified away by investing in both Beamr Imaging and Freight 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 Beamr Imaging and Freight Technologies 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 Freight Technologies, you can compare the effects of market volatilities on Beamr Imaging and Freight 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 Beamr Imaging with a short position of Freight Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beamr Imaging and Freight Technologies.
Diversification Opportunities for Beamr Imaging and Freight Technologies
0.35 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Beamr and Freight is 0.35. Overlapping area represents the amount of risk that can be diversified away by holding Beamr Imaging Ltd and Freight Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Freight Technologies 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 Freight Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Freight Technologies has no effect on the direction of Beamr Imaging i.e., Beamr Imaging and Freight Technologies go up and down completely randomly.
Pair Corralation between Beamr Imaging and Freight Technologies
Considering the 90-day investment horizon Beamr Imaging Ltd is expected to generate 1.11 times more return on investment than Freight Technologies. However, Beamr Imaging is 1.11 times more volatile than Freight Technologies. It trades about -0.04 of its potential returns per unit of risk. Freight Technologies is currently generating about -0.23 per unit of risk. If you would invest 325.00 in Beamr Imaging Ltd on August 31, 2024 and sell it today you would lose (20.00) from holding Beamr Imaging Ltd or give up 6.15% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beamr Imaging Ltd vs. Freight Technologies
Performance |
| Timeline |
| Beamr Imaging |
| Freight Technologies |
Beamr Imaging and Freight Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beamr Imaging and Freight Technologies
The main advantage of trading using opposite Beamr Imaging and Freight Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beamr Imaging position performs unexpectedly, Freight 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 Freight Technologies will offset losses from the drop in Freight Technologies' long position.| Beamr Imaging vs. Infobird Co | Beamr Imaging vs. HeartCore Enterprises | Beamr Imaging vs. Trust Stamp | Beamr Imaging vs. Quhuo |
| Freight Technologies vs. Infobird Co | Freight Technologies vs. HeartCore Enterprises | Freight Technologies vs. CXApp Inc | Freight Technologies 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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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