Correlation Between Cellebrite and Lesaka Technologies
Can any of the company-specific risk be diversified away by investing in both Cellebrite and Lesaka Technologies 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 Cellebrite and Lesaka Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cellebrite DI Equity and Lesaka Technologies, you can compare the effects of market volatilities on Cellebrite and Lesaka Technologies 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 Cellebrite with a short position of Lesaka Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cellebrite and Lesaka Technologies.
Diversification Opportunities for Cellebrite and Lesaka Technologies
-0.23 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Cellebrite and Lesaka is -0.23. Overlapping area represents the amount of risk that can be diversified away by holding Cellebrite DI Equity and Lesaka Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Lesaka Technologies and Cellebrite 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 Cellebrite DI Equity are associated (or correlated) with Lesaka Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Lesaka Technologies has no effect on the direction of Cellebrite i.e., Cellebrite and Lesaka Technologies go up and down completely randomly.
Pair Corralation between Cellebrite and Lesaka Technologies
If you would invest 515.00 in Cellebrite DI Equity on November 2, 2024 and sell it today you would earn a total of 0.00 from holding Cellebrite DI Equity or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.26% |
| Values | Daily Returns |
Cellebrite DI Equity vs. Lesaka Technologies
Performance |
| Timeline |
| Cellebrite DI Equity |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Lesaka Technologies |
Cellebrite and Lesaka Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cellebrite and Lesaka Technologies
The main advantage of trading using opposite Cellebrite and Lesaka Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cellebrite position performs unexpectedly, Lesaka Technologies 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 Lesaka Technologies will offset losses from the drop in Lesaka Technologies' long position.| Cellebrite vs. Here Media | Cellebrite vs. Dave Busters Entertainment | Cellebrite vs. Glorywin Entertainment Group | Cellebrite vs. Grupo Simec SAB |
| Lesaka Technologies vs. Priority Technology Holdings | Lesaka Technologies vs. CSG Systems International | Lesaka Technologies vs. OneSpan | Lesaka Technologies vs. Sangoma Technologies Corp |
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 USA ETFs module to find actively traded Exchange Traded Funds (ETF) in USA.
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