Correlation Between Cimpress and AMAZONCOM
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By analyzing existing cross correlation between Cimpress NV and AMAZONCOM INC, you can compare the effects of market volatilities on Cimpress and AMAZONCOM 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 Cimpress with a short position of AMAZONCOM. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cimpress and AMAZONCOM.
Diversification Opportunities for Cimpress and AMAZONCOM
Very weak diversification
The 3 months correlation between Cimpress and AMAZONCOM is 0.51. Overlapping area represents the amount of risk that can be diversified away by holding Cimpress NV and AMAZONCOM INC in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AMAZONCOM INC and Cimpress 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 Cimpress NV are associated (or correlated) with AMAZONCOM. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AMAZONCOM INC has no effect on the direction of Cimpress i.e., Cimpress and AMAZONCOM go up and down completely randomly.
Pair Corralation between Cimpress and AMAZONCOM
Given the investment horizon of 90 days Cimpress NV is expected to generate 1.63 times more return on investment than AMAZONCOM. However, Cimpress is 1.63 times more volatile than AMAZONCOM INC. It trades about 0.24 of its potential returns per unit of risk. AMAZONCOM INC is currently generating about -0.17 per unit of risk. If you would invest 7,125 in Cimpress NV on September 2, 2024 and sell it today you would earn a total of 905.00 from holding Cimpress NV or generate 12.7% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cimpress NV vs. AMAZONCOM INC
Performance |
| Timeline |
| Cimpress NV |
| AMAZONCOM INC |
Cimpress and AMAZONCOM Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cimpress and AMAZONCOM
The main advantage of trading using opposite Cimpress and AMAZONCOM positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cimpress position performs unexpectedly, AMAZONCOM 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 AMAZONCOM will offset losses from the drop in AMAZONCOM's long position.| Cimpress vs. Innovid Corp | Cimpress vs. Deluxe | Cimpress vs. Omnicom Group | Cimpress vs. Emerald Expositions Events |
| AMAZONCOM vs. Highway Holdings Limited | AMAZONCOM vs. Cimpress NV | AMAZONCOM vs. Marchex | AMAZONCOM vs. Fluent 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 Idea Breakdown module to analyze constituents of all Macroaxis ideas. Macroaxis investment ideas are predefined, sector-focused investing themes.
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