Correlation Between Boxlight Corp and GiveMePower Corp
Can any of the company-specific risk be diversified away by investing in both Boxlight Corp and GiveMePower Corp 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 Boxlight Corp and GiveMePower Corp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Boxlight Corp Class and GiveMePower Corp, you can compare the effects of market volatilities on Boxlight Corp and GiveMePower Corp 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 Boxlight Corp with a short position of GiveMePower Corp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Boxlight Corp and GiveMePower Corp.
Diversification Opportunities for Boxlight Corp and GiveMePower Corp
0.52 | Correlation Coefficient |
Very weak diversification
The 3 months correlation between Boxlight and GiveMePower is 0.52. Overlapping area represents the amount of risk that can be diversified away by holding Boxlight Corp Class and GiveMePower Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on GiveMePower Corp and Boxlight Corp 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 Boxlight Corp Class are associated (or correlated) with GiveMePower Corp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of GiveMePower Corp has no effect on the direction of Boxlight Corp i.e., Boxlight Corp and GiveMePower Corp go up and down completely randomly.
Pair Corralation between Boxlight Corp and GiveMePower Corp
Given the investment horizon of 90 days Boxlight Corp Class is expected to under-perform the GiveMePower Corp. But the stock apears to be less risky and, when comparing its historical volatility, Boxlight Corp Class is 3.49 times less risky than GiveMePower Corp. The stock trades about -0.05 of its potential returns per unit of risk. The GiveMePower Corp is currently generating about 0.05 of returns per unit of risk over similar time horizon. If you would invest 5.70 in GiveMePower Corp on August 26, 2024 and sell it today you would lose (5.20) from holding GiveMePower Corp or give up 91.23% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Boxlight Corp Class vs. GiveMePower Corp
Performance |
| Timeline |
| Boxlight Corp Class |
| GiveMePower Corp |
Boxlight Corp and GiveMePower Corp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Boxlight Corp and GiveMePower Corp
The main advantage of trading using opposite Boxlight Corp and GiveMePower Corp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Boxlight Corp position performs unexpectedly, GiveMePower Corp 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 GiveMePower Corp will offset losses from the drop in GiveMePower Corp's long position.| Boxlight Corp vs. D Wave Quantum | Boxlight Corp vs. Rigetti Computing | Boxlight Corp vs. Cricut Inc | Boxlight Corp vs. Quantum Computing |
| GiveMePower Corp vs. Boxlight Corp Class | GiveMePower Corp vs. Siyata Mobile | GiveMePower Corp vs. ClearOne | GiveMePower Corp vs. HUMANA 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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
Other Complementary Tools
| Bollinger Bands Use Bollinger Bands indicator to analyze target price for a given investing horizon | |
| Sync Your Broker Sync your existing holdings, watchlists, positions or portfolios from thousands of online brokerage services, banks, investment account aggregators and robo-advisors. | |
| Stocks Directory Find actively traded stocks across global markets | |
| Theme Ratings Determine theme ratings based on digital equity recommendations. Macroaxis theme ratings are based on combination of fundamental analysis and risk-adjusted market performance | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |