Correlation Between CuriosityStream and Clever Leaves
Can any of the company-specific risk be diversified away by investing in both CuriosityStream and Clever Leaves 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 CuriosityStream and Clever Leaves into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CuriosityStream and Clever Leaves Holdings, you can compare the effects of market volatilities on CuriosityStream and Clever Leaves 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 CuriosityStream with a short position of Clever Leaves. Check out your portfolio center. Please also check ongoing floating volatility patterns of CuriosityStream and Clever Leaves.
Diversification Opportunities for CuriosityStream and Clever Leaves
0.32 | Correlation Coefficient |
Weak diversification
The 3 months correlation between CuriosityStream and Clever is 0.32. Overlapping area represents the amount of risk that can be diversified away by holding CuriosityStream and Clever Leaves Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Clever Leaves Holdings and CuriosityStream 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 CuriosityStream are associated (or correlated) with Clever Leaves. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Clever Leaves Holdings has no effect on the direction of CuriosityStream i.e., CuriosityStream and Clever Leaves go up and down completely randomly.
Pair Corralation between CuriosityStream and Clever Leaves
Assuming the 90 days horizon CuriosityStream is expected to generate 1.25 times more return on investment than Clever Leaves. However, CuriosityStream is 1.25 times more volatile than Clever Leaves Holdings. It trades about 0.12 of its potential returns per unit of risk. Clever Leaves Holdings is currently generating about 0.08 per unit of risk. If you would invest 9.90 in CuriosityStream on September 3, 2024 and sell it today you would lose (6.90) from holding CuriosityStream or give up 69.7% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 80.85% |
| Values | Daily Returns |
CuriosityStream vs. Clever Leaves Holdings
Performance |
| Timeline |
| CuriosityStream |
| Clever Leaves Holdings |
CuriosityStream and Clever Leaves Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CuriosityStream and Clever Leaves
The main advantage of trading using opposite CuriosityStream and Clever Leaves positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CuriosityStream position performs unexpectedly, Clever Leaves 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 Clever Leaves will offset losses from the drop in Clever Leaves' long position.| CuriosityStream vs. Eos Energy Enterprises | CuriosityStream vs. CannBioRx Life Sciences | CuriosityStream vs. Advantage Solutions |
| Clever Leaves vs. Pmv Pharmaceuticals | Clever Leaves vs. MediciNova | Clever Leaves vs. Pharvaris BV | Clever Leaves vs. PepGen |
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 Bollinger Bands module to use Bollinger Bands indicator to analyze target price for a given investing horizon.
Other Complementary Tools
| Crypto Correlations Use cryptocurrency correlation module to diversify your cryptocurrency portfolio across multiple coins | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| Aroon Oscillator Analyze current equity momentum using Aroon Oscillator and other momentum ratios | |
| Economic Indicators Top statistical indicators that provide insights into how an economy is performing | |
| Portfolio Center All portfolio management and optimization tools to improve performance of your portfolios |