Correlation Between CuriosityStream and Cimpress
Can any of the company-specific risk be diversified away by investing in both CuriosityStream and Cimpress 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 Cimpress into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between CuriosityStream and Cimpress NV, you can compare the effects of market volatilities on CuriosityStream and Cimpress 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 Cimpress. Check out your portfolio center. Please also check ongoing floating volatility patterns of CuriosityStream and Cimpress.
Diversification Opportunities for CuriosityStream and Cimpress
-0.57 | Correlation Coefficient |
Excellent diversification
The 3 months correlation between CuriosityStream and Cimpress is -0.57. Overlapping area represents the amount of risk that can be diversified away by holding CuriosityStream and Cimpress NV in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cimpress NV 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 Cimpress. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cimpress NV has no effect on the direction of CuriosityStream i.e., CuriosityStream and Cimpress go up and down completely randomly.
Pair Corralation between CuriosityStream and Cimpress
Assuming the 90 days horizon CuriosityStream is expected to generate 35.37 times more return on investment than Cimpress. However, CuriosityStream is 35.37 times more volatile than Cimpress NV. It trades about 0.12 of its potential returns per unit of risk. Cimpress NV is currently generating about 0.06 per unit of risk. If you would invest 12.00 in CuriosityStream on September 1, 2024 and sell it today you would lose (9.00) from holding CuriosityStream or give up 75.0% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Very Weak |
| Accuracy | 79.34% |
| Values | Daily Returns |
CuriosityStream vs. Cimpress NV
Performance |
| Timeline |
| CuriosityStream |
| Cimpress NV |
CuriosityStream and Cimpress Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with CuriosityStream and Cimpress
The main advantage of trading using opposite CuriosityStream and Cimpress positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if CuriosityStream position performs unexpectedly, Cimpress 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 Cimpress will offset losses from the drop in Cimpress' long position.| CuriosityStream vs. Eos Energy Enterprises | CuriosityStream vs. CannBioRx Life Sciences | CuriosityStream vs. Advantage Solutions |
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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 Technical Analysis module to check basic technical indicators and analysis based on most latest market data.
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