Correlation Between Beamr Imaging and NCR Atleos

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Can any of the company-specific risk be diversified away by investing in both Beamr Imaging and NCR Atleos 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 NCR Atleos 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 NCR Atleos, you can compare the effects of market volatilities on Beamr Imaging and NCR Atleos 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 NCR Atleos. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beamr Imaging and NCR Atleos.

Diversification Opportunities for Beamr Imaging and NCR Atleos

-0.28
  Correlation Coefficient

Very good diversification

The 3 months correlation between Beamr and NCR is -0.28. Overlapping area represents the amount of risk that can be diversified away by holding Beamr Imaging Ltd and NCR Atleos in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on NCR Atleos 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 NCR Atleos. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of NCR Atleos has no effect on the direction of Beamr Imaging i.e., Beamr Imaging and NCR Atleos go up and down completely randomly.

Pair Corralation between Beamr Imaging and NCR Atleos

Considering the 90-day investment horizon Beamr Imaging is expected to generate 2.78 times less return on investment than NCR Atleos. In addition to that, Beamr Imaging is 1.54 times more volatile than NCR Atleos. It trades about 0.09 of its total potential returns per unit of risk. NCR Atleos is currently generating about 0.38 per unit of volatility. If you would invest  2,766  in NCR Atleos on September 6, 2024 and sell it today you would earn a total of  683.00  from holding NCR Atleos or generate 24.69% return on investment over 90 days.
Time Period3 Months [change]
DirectionMoves Against 
StrengthInsignificant
Accuracy100.0%
ValuesDaily Returns

Beamr Imaging Ltd  vs.  NCR Atleos

 Performance 
       Timeline  
Beamr Imaging 

Risk-Adjusted Performance

2 of 100

 
Weak
 
Strong
Weak
Compared to the overall equity markets, risk-adjusted returns on investments in Beamr Imaging Ltd are ranked lower than 2 (%) of all global equities and portfolios over the last 90 days. Even with relatively weak primary indicators, Beamr Imaging may actually be approaching a critical reversion point that can send shares even higher in January 2025.
NCR Atleos 

Risk-Adjusted Performance

12 of 100

 
Weak
 
Strong
OK
Compared to the overall equity markets, risk-adjusted returns on investments in NCR Atleos are ranked lower than 12 (%) of all global equities and portfolios over the last 90 days. Despite quite weak basic indicators, NCR Atleos disclosed solid returns over the last few months and may actually be approaching a breakup point.

Beamr Imaging and NCR Atleos Volatility Contrast

   Predicted Return Density   
       Returns  

Pair Trading with Beamr Imaging and NCR Atleos

The main advantage of trading using opposite Beamr Imaging and NCR Atleos positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beamr Imaging position performs unexpectedly, NCR Atleos 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 NCR Atleos will offset losses from the drop in NCR Atleos' long position.
The idea behind Beamr Imaging Ltd and NCR Atleos pairs trading is to make the combined position market-neutral, meaning the overall market's direction will not affect its win or loss (or potential downside or upside). This can be achieved by designing a pairs trade with two highly correlated stocks or equities that operate in a similar space or sector, making it possible to obtain profits through simple and relatively low-risk investment.
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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 Stocks Directory module to find actively traded stocks across global markets.

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