Correlation Between Beamr Imaging and Workday
Can any of the company-specific risk be diversified away by investing in both Beamr Imaging and Workday 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 Workday 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 Workday, you can compare the effects of market volatilities on Beamr Imaging and Workday 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 Workday. Check out your portfolio center. Please also check ongoing floating volatility patterns of Beamr Imaging and Workday.
Diversification Opportunities for Beamr Imaging and Workday
-0.46 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Beamr and Workday is -0.46. Overlapping area represents the amount of risk that can be diversified away by holding Beamr Imaging Ltd and Workday in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Workday 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 Workday. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Workday has no effect on the direction of Beamr Imaging i.e., Beamr Imaging and Workday go up and down completely randomly.
Pair Corralation between Beamr Imaging and Workday
Considering the 90-day investment horizon Beamr Imaging Ltd is expected to under-perform the Workday. In addition to that, Beamr Imaging is 2.12 times more volatile than Workday. It trades about -0.16 of its total potential returns per unit of risk. Workday is currently generating about 0.14 per unit of volatility. If you would invest 24,441 in Workday on August 30, 2024 and sell it today you would earn a total of 2,578 from holding Workday or generate 10.55% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Beamr Imaging Ltd vs. Workday
Performance |
| Timeline |
| Beamr Imaging |
| Workday |
Beamr Imaging and Workday Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Beamr Imaging and Workday
The main advantage of trading using opposite Beamr Imaging and Workday positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Beamr Imaging position performs unexpectedly, Workday 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 Workday will offset losses from the drop in Workday's long position.| Beamr Imaging vs. C3 Ai Inc | Beamr Imaging vs. Shopify | Beamr Imaging vs. Workday | Beamr Imaging vs. Intuit Inc |
| Workday vs. Intuit Inc | Workday vs. Zoom Video Communications | Workday vs. ServiceNow | Workday vs. Snowflake |
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 Portfolio Volatility module to check portfolio volatility and analyze historical return density to properly model market risk.
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