Correlation Between FOXO Technologies and National Research
Can any of the company-specific risk be diversified away by investing in both FOXO Technologies and National Research 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 National Research into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between FOXO Technologies and National Research Corp, you can compare the effects of market volatilities on FOXO Technologies and National Research 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 National Research. Check out your portfolio center. Please also check ongoing floating volatility patterns of FOXO Technologies and National Research.
Diversification Opportunities for FOXO Technologies and National Research
-0.18 | Correlation Coefficient |
Good diversification
The 3 months correlation between FOXO and National is -0.18. Overlapping area represents the amount of risk that can be diversified away by holding FOXO Technologies and National Research Corp in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on National Research Corp 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 National Research. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of National Research Corp has no effect on the direction of FOXO Technologies i.e., FOXO Technologies and National Research go up and down completely randomly.
Pair Corralation between FOXO Technologies and National Research
Given the investment horizon of 90 days FOXO Technologies is expected to generate 10.77 times more return on investment than National Research. However, FOXO Technologies is 10.77 times more volatile than National Research Corp. It trades about 0.03 of its potential returns per unit of risk. National Research Corp is currently generating about -0.05 per unit of risk. If you would invest 484.00 in FOXO Technologies on August 29, 2024 and sell it today you would lose (432.83) from holding FOXO Technologies or give up 89.43% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 99.19% |
| Values | Daily Returns |
FOXO Technologies vs. National Research Corp
Performance |
| Timeline |
| FOXO Technologies |
| National Research Corp |
FOXO Technologies and National Research Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with FOXO Technologies and National Research
The main advantage of trading using opposite FOXO Technologies and National Research positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if FOXO Technologies position performs unexpectedly, National Research 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 National Research will offset losses from the drop in National Research's long position.| FOXO Technologies vs. Heartbeam | FOXO Technologies vs. EUDA Health Holdings | FOXO Technologies vs. Nutex Health | FOXO Technologies vs. Healthcare Triangle |
| National Research vs. Omega Flex | National Research vs. NI Holdings | National Research vs. PC Connection | National Research vs. Northrim BanCorp |
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 Commodity Channel module to use Commodity Channel Index to analyze current equity momentum.
Other Complementary Tools
| Portfolio Suggestion Get suggestions outside of your existing asset allocation including your own model portfolios | |
| Technical Analysis Check basic technical indicators and analysis based on most latest market data | |
| ETFs Find actively traded Exchange Traded Funds (ETF) from around the world | |
| Bond Analysis Evaluate and analyze corporate bonds as a potential investment for your portfolios. | |
| Portfolio Backtesting Avoid under-diversification and over-optimization by backtesting your portfolios |