Correlation Between Cambium Networks and Minim
Can any of the company-specific risk be diversified away by investing in both Cambium Networks and Minim 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 Cambium Networks and Minim into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cambium Networks Corp and Minim Inc, you can compare the effects of market volatilities on Cambium Networks and Minim 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 Cambium Networks with a short position of Minim. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cambium Networks and Minim.
Diversification Opportunities for Cambium Networks and Minim
0.39 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Cambium and Minim is 0.39. Overlapping area represents the amount of risk that can be diversified away by holding Cambium Networks Corp and Minim Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Minim Inc and Cambium Networks 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 Cambium Networks Corp are associated (or correlated) with Minim. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Minim Inc has no effect on the direction of Cambium Networks i.e., Cambium Networks and Minim go up and down completely randomly.
Pair Corralation between Cambium Networks and Minim
If you would invest 110.00 in Cambium Networks Corp on August 24, 2024 and sell it today you would earn a total of 1.00 from holding Cambium Networks Corp or generate 0.91% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 4.55% |
| Values | Daily Returns |
Cambium Networks Corp vs. Minim Inc
Performance |
| Timeline |
| Cambium Networks Corp |
| Minim Inc |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Cambium Networks and Minim Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cambium Networks and Minim
The main advantage of trading using opposite Cambium Networks and Minim positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cambium Networks position performs unexpectedly, Minim 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 Minim will offset losses from the drop in Minim's long position.| Cambium Networks vs. Aviat Networks | Cambium Networks vs. Rimini Street | Cambium Networks vs. Airgain | Cambium Networks vs. Calix Inc |
| Minim vs. Frequency Electronics | Minim vs. Amplitech Group | Minim vs. Optical Cable | Minim vs. Mobilicom Limited American |
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 AI Portfolio Architect module to use AI to generate optimal portfolios and find profitable investment opportunities.
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