Correlation Between Friendable and Cuentas
Can any of the company-specific risk be diversified away by investing in both Friendable and Cuentas 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 Friendable and Cuentas into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Friendable and Cuentas, you can compare the effects of market volatilities on Friendable and Cuentas 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 Friendable with a short position of Cuentas. Check out your portfolio center. Please also check ongoing floating volatility patterns of Friendable and Cuentas.
Diversification Opportunities for Friendable and Cuentas
-0.12 | Correlation Coefficient |
Good diversification
The 3 months correlation between Friendable and Cuentas is -0.12. Overlapping area represents the amount of risk that can be diversified away by holding Friendable and Cuentas in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Cuentas and Friendable 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 Friendable are associated (or correlated) with Cuentas. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Cuentas has no effect on the direction of Friendable i.e., Friendable and Cuentas go up and down completely randomly.
Pair Corralation between Friendable and Cuentas
If you would invest 513.00 in Cuentas on October 23, 2024 and sell it today you would earn a total of 0.00 from holding Cuentas or generate 0.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 5.0% |
| Values | Daily Returns |
Friendable vs. Cuentas
Performance |
| Timeline |
| Friendable |
| Cuentas |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
Friendable and Cuentas Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Friendable and Cuentas
The main advantage of trading using opposite Friendable and Cuentas positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Friendable position performs unexpectedly, Cuentas 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 Cuentas will offset losses from the drop in Cuentas' long position.| Friendable vs. RenoWorks Software | Friendable vs. LifeSpeak | Friendable vs. 01 Communique Laboratory | Friendable vs. On4 Communications |
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 Stock Tickers module to use high-impact, comprehensive, and customizable stock tickers that can be easily integrated to any websites.
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