Correlation Between Evolv Technologies and Intellicheck Mobilisa
Can any of the company-specific risk be diversified away by investing in both Evolv Technologies and Intellicheck Mobilisa 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 Evolv Technologies and Intellicheck Mobilisa into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Evolv Technologies Holdings and Intellicheck Mobilisa, you can compare the effects of market volatilities on Evolv Technologies and Intellicheck Mobilisa 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 Evolv Technologies with a short position of Intellicheck Mobilisa. Check out your portfolio center. Please also check ongoing floating volatility patterns of Evolv Technologies and Intellicheck Mobilisa.
Diversification Opportunities for Evolv Technologies and Intellicheck Mobilisa
-0.72 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between Evolv and Intellicheck is -0.72. Overlapping area represents the amount of risk that can be diversified away by holding Evolv Technologies Holdings and Intellicheck Mobilisa in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Intellicheck Mobilisa and Evolv Technologies 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 Evolv Technologies Holdings are associated (or correlated) with Intellicheck Mobilisa. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Intellicheck Mobilisa has no effect on the direction of Evolv Technologies i.e., Evolv Technologies and Intellicheck Mobilisa go up and down completely randomly.
Pair Corralation between Evolv Technologies and Intellicheck Mobilisa
Given the investment horizon of 90 days Evolv Technologies Holdings is expected to generate 1.51 times more return on investment than Intellicheck Mobilisa. However, Evolv Technologies is 1.51 times more volatile than Intellicheck Mobilisa. It trades about 0.42 of its potential returns per unit of risk. Intellicheck Mobilisa is currently generating about -0.01 per unit of risk. If you would invest 234.00 in Evolv Technologies Holdings on August 31, 2024 and sell it today you would earn a total of 158.00 from holding Evolv Technologies Holdings or generate 67.52% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Evolv Technologies Holdings vs. Intellicheck Mobilisa
Performance |
| Timeline |
| Evolv Technologies |
| Intellicheck Mobilisa |
Evolv Technologies and Intellicheck Mobilisa Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Evolv Technologies and Intellicheck Mobilisa
The main advantage of trading using opposite Evolv Technologies and Intellicheck Mobilisa positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Evolv Technologies position performs unexpectedly, Intellicheck Mobilisa 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 Intellicheck Mobilisa will offset losses from the drop in Intellicheck Mobilisa's long position.| Evolv Technologies vs. First Responder Technologies | Evolv Technologies vs. Knightscope | Evolv Technologies vs. LogicMark | Evolv Technologies vs. Guardforce AI Co |
| Intellicheck Mobilisa vs. Boardwalktech Software Corp | Intellicheck Mobilisa vs. Research Solutions | Intellicheck Mobilisa vs. OneSoft Solutions | Intellicheck Mobilisa vs. ON24 Inc |
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 Content Syndication module to quickly integrate customizable finance content to your own investment portal.
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