Correlation Between Cogstate and FOXO Technologies
Can any of the company-specific risk be diversified away by investing in both Cogstate and FOXO 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 Cogstate and FOXO Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Cogstate Limited and FOXO Technologies, you can compare the effects of market volatilities on Cogstate and FOXO 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 Cogstate with a short position of FOXO Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Cogstate and FOXO Technologies.
Diversification Opportunities for Cogstate and FOXO Technologies
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Cogstate and FOXO is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Cogstate Limited and FOXO Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on FOXO Technologies and Cogstate 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 Cogstate Limited are associated (or correlated) with FOXO Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of FOXO Technologies has no effect on the direction of Cogstate i.e., Cogstate and FOXO Technologies go up and down completely randomly.
Pair Corralation between Cogstate and FOXO Technologies
Assuming the 90 days horizon Cogstate is expected to generate 1107.56 times less return on investment than FOXO Technologies. But when comparing it to its historical volatility, Cogstate Limited is 50.02 times less risky than FOXO Technologies. It trades about 0.01 of its potential returns per unit of risk. FOXO Technologies is currently generating about 0.21 of returns per unit of risk over similar time horizon. If you would invest 15.00 in FOXO Technologies on August 30, 2024 and sell it today you would earn a total of 36.17 from holding FOXO Technologies or generate 241.13% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Cogstate Limited vs. FOXO Technologies
Performance |
| Timeline |
| Cogstate Limited |
| FOXO Technologies |
Cogstate and FOXO Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Cogstate and FOXO Technologies
The main advantage of trading using opposite Cogstate and FOXO Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Cogstate position performs unexpectedly, FOXO 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 FOXO Technologies will offset losses from the drop in FOXO Technologies' long position.| Cogstate vs. Caduceus Software Systems | Cogstate vs. Cloud DX | Cogstate vs. Cognetivity Neurosciences | Cogstate vs. Healthcare Integrated Technologies |
| FOXO Technologies vs. Heartbeam | FOXO Technologies vs. EUDA Health Holdings | FOXO Technologies vs. Nutex Health | FOXO Technologies vs. Healthcare Triangle |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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