Correlation Between Beamr Imaging and OLB
Can any of the company-specific risk be diversified away by investing in both Beamr Imaging and OLB 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 OLB 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 OLB Group, you can compare the effects of market volatilities on Beamr Imaging and OLB 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 OLB. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beamr Imaging and OLB.
Diversification Opportunities for Beamr Imaging and OLB
0.8 | Correlation Coefficient |
Very poor diversification
The 3 months correlation between Beamr and OLB is 0.8. Overlapping area represents the amount of risk that can be diversified away by holding Beamr Imaging Ltd and OLB Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on OLB Group 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 OLB. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of OLB Group has no effect on the direction of Beamr Imaging i.e., Beamr Imaging and OLB go up and down completely randomly.
Pair Corralation between Beamr Imaging and OLB
Considering the 90-day investment horizon Beamr Imaging Ltd is expected to under-perform the OLB. But the stock apears to be less risky and, when comparing its historical volatility, Beamr Imaging Ltd is 2.25 times less risky than OLB. The stock trades about -0.16 of its potential returns per unit of risk. The OLB Group is currently generating about -0.06 of returns per unit of risk over similar time horizon. If you would invest 256.00 in OLB Group on August 30, 2024 and sell it today you would lose (79.00) from holding OLB Group or give up 30.86% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Strong |
| Accuracy | 97.73% |
| Values | Daily Returns |
Beamr Imaging Ltd vs. OLB Group
Performance |
| Timeline |
| Beamr Imaging |
| OLB Group |
Beamr Imaging and OLB Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beamr Imaging and OLB
The main advantage of trading using opposite Beamr Imaging and OLB positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beamr Imaging position performs unexpectedly, OLB 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 OLB will offset losses from the drop in OLB's long position.| Beamr Imaging vs. C3 Ai Inc | Beamr Imaging vs. Shopify | Beamr Imaging vs. Workday | Beamr Imaging vs. Intuit 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 Positions Ratings module to determine portfolio positions ratings based on digital equity recommendations. Macroaxis instant position ratings are based on combination of fundamental analysis and risk-adjusted market performance.
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