Correlation Between FOXO Technologies and Mitesco
Can any of the company-specific risk be diversified away by investing in both FOXO Technologies and Mitesco 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 FOXO Technologies and Mitesco into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FOXO Technologies and Mitesco, you can compare the effects of market volatilities on FOXO Technologies and Mitesco 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 FOXO Technologies with a short position of Mitesco. Check out your portfolio center. Please also check ongoing floating volatility patterns of FOXO Technologies and Mitesco.
Diversification Opportunities for FOXO Technologies and Mitesco
0.07 | Correlation Coefficient |
Significant diversification
The 3 months correlation between FOXO and Mitesco is 0.07. Overlapping area represents the amount of risk that can be diversified away by holding FOXO Technologies and Mitesco in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Mitesco and FOXO 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 FOXO Technologies are associated (or correlated) with Mitesco. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Mitesco has no effect on the direction of FOXO Technologies i.e., FOXO Technologies and Mitesco go up and down completely randomly.
Pair Corralation between FOXO Technologies and Mitesco
Given the investment horizon of 90 days FOXO Technologies is expected to generate 8.51 times less return on investment than Mitesco. But when comparing it to its historical volatility, FOXO Technologies is 1.36 times less risky than Mitesco. It trades about 0.02 of its potential returns per unit of risk. Mitesco is currently generating about 0.09 of returns per unit of risk over similar time horizon. If you would invest 295.00 in Mitesco on October 20, 2024 and sell it today you would lose (246.00) from holding Mitesco or give up 83.39% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Insignificant |
| Accuracy | 99.19% |
| Values | Daily Returns |
FOXO Technologies vs. Mitesco
Performance |
| Timeline |
| FOXO Technologies |
| Mitesco |
FOXO Technologies and Mitesco Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FOXO Technologies and Mitesco
The main advantage of trading using opposite FOXO Technologies and Mitesco positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FOXO Technologies position performs unexpectedly, Mitesco 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 Mitesco will offset losses from the drop in Mitesco's long position.| FOXO Technologies vs. Heartbeam | FOXO Technologies vs. EUDA Health Holdings | FOXO Technologies vs. Nutex Health | FOXO Technologies vs. Healthcare Triangle |
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 Stocks Directory module to find actively traded stocks across global markets.
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