Correlation Between Beamr Imaging and Roadzen
Can any of the company-specific risk be diversified away by investing in both Beamr Imaging and Roadzen 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 Roadzen 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 Roadzen, you can compare the effects of market volatilities on Beamr Imaging and Roadzen 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 Roadzen. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beamr Imaging and Roadzen.
Diversification Opportunities for Beamr Imaging and Roadzen
0.24 | Correlation Coefficient |
Modest diversification
The 3 months correlation between Beamr and Roadzen is 0.24. Overlapping area represents the amount of risk that can be diversified away by holding Beamr Imaging Ltd and Roadzen in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Roadzen 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 Roadzen. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Roadzen has no effect on the direction of Beamr Imaging i.e., Beamr Imaging and Roadzen go up and down completely randomly.
Pair Corralation between Beamr Imaging and Roadzen
Considering the 90-day investment horizon Beamr Imaging is expected to generate 1.6 times less return on investment than Roadzen. But when comparing it to its historical volatility, Beamr Imaging Ltd is 1.04 times less risky than Roadzen. It trades about 0.04 of its potential returns per unit of risk. Roadzen is currently generating about 0.06 of returns per unit of risk over similar time horizon. If you would invest 12.00 in Roadzen on September 5, 2024 and sell it today you would lose (6.99) from holding Roadzen or give up 58.25% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 44.62% |
| Values | Daily Returns |
Beamr Imaging Ltd vs. Roadzen
Performance |
| Timeline |
| Beamr Imaging |
| Roadzen |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Beamr Imaging and Roadzen Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beamr Imaging and Roadzen
The main advantage of trading using opposite Beamr Imaging and Roadzen positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beamr Imaging position performs unexpectedly, Roadzen 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 Roadzen will offset losses from the drop in Roadzen's long position.| Beamr Imaging vs. Infobird Co | Beamr Imaging vs. HeartCore Enterprises | Beamr Imaging vs. Trust Stamp | Beamr Imaging vs. Quhuo |
| Roadzen vs. HeartCore Enterprises | Roadzen vs. Beamr Imaging Ltd | Roadzen vs. Trust Stamp | Roadzen vs. CXApp 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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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