Correlation Between Enfusion and SpringBig Holdings
Can any of the company-specific risk be diversified away by investing in both Enfusion and SpringBig Holdings 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 Enfusion and SpringBig Holdings into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Enfusion and SpringBig Holdings, you can compare the effects of market volatilities on Enfusion and SpringBig Holdings 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 Enfusion with a short position of SpringBig Holdings. Check out your portfolio center. Please also check ongoing floating volatility patterns of Enfusion and SpringBig Holdings.
Diversification Opportunities for Enfusion and SpringBig Holdings
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Enfusion and SpringBig is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding Enfusion and SpringBig Holdings in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on SpringBig Holdings and Enfusion 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 Enfusion are associated (or correlated) with SpringBig Holdings. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of SpringBig Holdings has no effect on the direction of Enfusion i.e., Enfusion and SpringBig Holdings go up and down completely randomly.
Pair Corralation between Enfusion and SpringBig Holdings
If you would invest 793.00 in Enfusion on November 3, 2024 and sell it today you would earn a total of 323.00 from holding Enfusion or generate 40.73% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 0.4% |
| Values | Daily Returns |
Enfusion vs. SpringBig Holdings
Performance |
| Timeline |
| Enfusion |
| SpringBig Holdings |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Enfusion and SpringBig Holdings Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Enfusion and SpringBig Holdings
The main advantage of trading using opposite Enfusion and SpringBig Holdings positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Enfusion position performs unexpectedly, SpringBig Holdings 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 SpringBig Holdings will offset losses from the drop in SpringBig Holdings' long position.| Enfusion vs. ON24 Inc | Enfusion vs. Paycor HCM | Enfusion vs. E2open Parent Holdings | Enfusion vs. Braze Inc |
| SpringBig Holdings vs. OLB Group | SpringBig Holdings vs. Friendable | SpringBig Holdings vs. LifeSpeak | SpringBig Holdings vs. Creative Realities |
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 Odds Of Bankruptcy module to get analysis of equity chance of financial distress in the next 2 years.
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