Correlation Between Beamr Imaging and PROS Holdings
Can any of the company-specific risk be diversified away by investing in both Beamr Imaging and PROS Holdings 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 PROS Holdings 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 PROS Holdings, you can compare the effects of market volatilities on Beamr Imaging and PROS Holdings 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 PROS Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beamr Imaging and PROS Holdings.
Diversification Opportunities for Beamr Imaging and PROS Holdings
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Beamr and PROS is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Beamr Imaging Ltd and PROS Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on PROS Holdings 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 PROS Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of PROS Holdings has no effect on the direction of Beamr Imaging i.e., Beamr Imaging and PROS Holdings go up and down completely randomly.
Pair Corralation between Beamr Imaging and PROS Holdings
Considering the 90-day investment horizon Beamr Imaging Ltd is expected to under-perform the PROS Holdings. In addition to that, Beamr Imaging is 1.35 times more volatile than PROS Holdings. It trades about -0.11 of its total potential returns per unit of risk. PROS Holdings is currently generating about 0.33 per unit of volatility. If you would invest 1,907 in PROS Holdings on August 28, 2024 and sell it today you would earn a total of 498.00 from holding PROS Holdings or generate 26.11% 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. PROS Holdings
Performance |
| Timeline |
| Beamr Imaging |
| PROS Holdings |
Beamr Imaging and PROS Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beamr Imaging and PROS Holdings
The main advantage of trading using opposite Beamr Imaging and PROS Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beamr Imaging position performs unexpectedly, PROS Holdings 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 PROS Holdings will offset losses from the drop in PROS Holdings' long position.| Beamr Imaging vs. Infobird Co | Beamr Imaging vs. HeartCore Enterprises | Beamr Imaging vs. Trust Stamp | Beamr Imaging 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 Equity Search module to search for actively traded equities including funds and ETFs from over 30 global markets.
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