Correlation Between Beamr Imaging and Presto Automation
Can any of the company-specific risk be diversified away by investing in both Beamr Imaging and Presto Automation 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 Presto Automation 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 Presto Automation, you can compare the effects of market volatilities on Beamr Imaging and Presto Automation 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 Presto Automation. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beamr Imaging and Presto Automation.
Diversification Opportunities for Beamr Imaging and Presto Automation
0.5 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Beamr and Presto is 0.5. Overlapping area represents the amount of risk that can be diversified away by holding Beamr Imaging Ltd and Presto Automation in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Presto Automation 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 Presto Automation. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Presto Automation has no effect on the direction of Beamr Imaging i.e., Beamr Imaging and Presto Automation go up and down completely randomly.
Pair Corralation between Beamr Imaging and Presto Automation
Considering the 90-day investment horizon Beamr Imaging Ltd is expected to generate 1.5 times more return on investment than Presto Automation. However, Beamr Imaging is 1.5 times more volatile than Presto Automation. It trades about 0.06 of its potential returns per unit of risk. Presto Automation is currently generating about -0.06 per unit of risk. If you would invest 130.00 in Beamr Imaging Ltd on August 24, 2024 and sell it today you would earn a total of 150.00 from holding Beamr Imaging Ltd or generate 115.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 71.6% |
| Values | Daily Returns |
Beamr Imaging Ltd vs. Presto Automation
Performance |
| Timeline |
| Beamr Imaging |
| Presto Automation |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Beamr Imaging and Presto Automation Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beamr Imaging and Presto Automation
The main advantage of trading using opposite Beamr Imaging and Presto Automation positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beamr Imaging position performs unexpectedly, Presto Automation 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 Presto Automation will offset losses from the drop in Presto Automation's long position.| Beamr Imaging vs. Alkami Technology | Beamr Imaging vs. Paycor HCM | Beamr Imaging vs. Procore Technologies | Beamr Imaging vs. Enfusion |
| Presto Automation vs. CXApp Inc | Presto Automation vs. Bullfrog AI Holdings, | Presto Automation vs. Guardforce AI Co | Presto Automation vs. Dermata Therapeutics |
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 Cryptocurrency Center module to build and monitor diversified portfolio of extremely risky digital assets and cryptocurrency.
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