Correlation Between Beamr Imaging and Pegasystems
Can any of the company-specific risk be diversified away by investing in both Beamr Imaging and Pegasystems 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 Pegasystems 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 Pegasystems, you can compare the effects of market volatilities on Beamr Imaging and Pegasystems 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 Pegasystems. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beamr Imaging and Pegasystems.
Diversification Opportunities for Beamr Imaging and Pegasystems
-0.76 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Beamr and Pegasystems is -0.76. Overlapping area represents the amount of risk that can be diversified away by holding Beamr Imaging Ltd and Pegasystems in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Pegasystems 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 Pegasystems. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Pegasystems has no effect on the direction of Beamr Imaging i.e., Beamr Imaging and Pegasystems go up and down completely randomly.
Pair Corralation between Beamr Imaging and Pegasystems
Considering the 90-day investment horizon Beamr Imaging Ltd is expected to generate 7.79 times more return on investment than Pegasystems. However, Beamr Imaging is 7.79 times more volatile than Pegasystems. It trades about 0.06 of its potential returns per unit of risk. Pegasystems is currently generating about 0.08 per unit of risk. If you would invest 125.00 in Beamr Imaging Ltd on August 25, 2024 and sell it today you would earn a total of 177.00 from holding Beamr Imaging Ltd or generate 141.6% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beamr Imaging Ltd vs. Pegasystems
Performance |
| Timeline |
| Beamr Imaging |
| Pegasystems |
Beamr Imaging and Pegasystems Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beamr Imaging and Pegasystems
The main advantage of trading using opposite Beamr Imaging and Pegasystems positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beamr Imaging position performs unexpectedly, Pegasystems 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 Pegasystems will offset losses from the drop in Pegasystems' long position.| Beamr Imaging vs. Infobird Co | Beamr Imaging vs. HeartCore Enterprises | Beamr Imaging vs. Trust Stamp | Beamr Imaging vs. Quhuo |
| Pegasystems vs. Wex Inc | Pegasystems vs. Cognex | Pegasystems vs. Progress Software | Pegasystems vs. Fair Isaac |
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 Money Managers module to screen money managers from public funds and ETFs managed around the world.
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