Correlation Between Daily Journal and Marti Technologies
Can any of the company-specific risk be diversified away by investing in both Daily Journal and Marti 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 Daily Journal and Marti Technologies into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Daily Journal Corp and Marti Technologies, you can compare the effects of market volatilities on Daily Journal and Marti 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 Daily Journal with a short position of Marti Technologies. Check out your portfolio center. Please also check ongoing floating volatility patterns of Daily Journal and Marti Technologies.
Diversification Opportunities for Daily Journal and Marti Technologies
-0.26 | Correlation Coefficient |
Very good diversification
The 3 months correlation between Daily and Marti is -0.26. Overlapping area represents the amount of risk that can be diversified away by holding Daily Journal Corp and Marti Technologies in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Marti Technologies and Daily Journal 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 Daily Journal Corp are associated (or correlated) with Marti Technologies. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Marti Technologies has no effect on the direction of Daily Journal i.e., Daily Journal and Marti Technologies go up and down completely randomly.
Pair Corralation between Daily Journal and Marti Technologies
Given the investment horizon of 90 days Daily Journal is expected to generate 7.45 times less return on investment than Marti Technologies. But when comparing it to its historical volatility, Daily Journal Corp is 2.23 times less risky than Marti Technologies. It trades about 0.03 of its potential returns per unit of risk. Marti Technologies is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 174.00 in Marti Technologies on November 28, 2024 and sell it today you would earn a total of 159.00 from holding Marti Technologies or generate 91.38% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 100.0% |
| Values | Daily Returns |
Daily Journal Corp vs. Marti Technologies
Performance |
| Timeline |
| Daily Journal Corp |
| Marti Technologies |
Daily Journal and Marti Technologies Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Daily Journal and Marti Technologies
The main advantage of trading using opposite Daily Journal and Marti Technologies positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Daily Journal position performs unexpectedly, Marti 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 Marti Technologies will offset losses from the drop in Marti Technologies' long position.| Daily Journal vs. Meridianlink | Daily Journal vs. CoreCard Corp | Daily Journal vs. Enfusion | Daily Journal vs. E2open Parent Holdings |
| Marti Technologies vs. Ambev SA ADR | Marti Technologies vs. Willamette Valley Vineyards | Marti Technologies vs. National Beverage Corp | Marti Technologies vs. Simon Property Group |
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 Portfolio Analyzer module to portfolio analysis module that provides access to portfolio diagnostics and optimization engine.
Other Complementary Tools
| Portfolio Holdings Check your current holdings and cash postion to detemine if your portfolio needs rebalancing | |
| Options Analysis Analyze and evaluate options and option chains as a potential hedge for your portfolios | |
| Financial Widgets Easily integrated Macroaxis content with over 30 different plug-and-play financial widgets | |
| Portfolio Dashboard Portfolio dashboard that provides centralized access to all your investments | |
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios |