Correlation Between Beamr Imaging and NCR Atleos
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
-0.21 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beamr and NCR is -0.21. 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 Ltd is expected to generate 1.91 times more return on investment than NCR Atleos. However, Beamr Imaging is 1.91 times more volatile than NCR Atleos. It trades about 0.05 of its potential returns per unit of risk. NCR Atleos is currently generating about 0.1 per unit of risk. If you would invest 335.00 in Beamr Imaging Ltd on September 9, 2024 and sell it today you would earn a total of 38.00 from holding Beamr Imaging Ltd or generate 11.34% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beamr Imaging Ltd vs. NCR Atleos
Performance |
| Timeline |
| Beamr Imaging |
| NCR Atleos |
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.| Beamr Imaging vs. Trust Stamp | Beamr Imaging vs. Amesite Operating Co | Beamr Imaging vs. My Size | Beamr Imaging vs. Kingsoft Cloud Holdings |
| NCR Atleos vs. Dalata Hotel Group | NCR Atleos vs. Eldorado Gold Corp | NCR Atleos vs. The Wendys Co | NCR Atleos vs. Dave Busters Entertainment |
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 Latest Portfolios module to quick portfolio dashboard that showcases your latest portfolios.
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