Correlation Between Freight Technologies and Beamr Imaging
Can any of the company-specific risk be diversified away by investing in both Freight Technologies and Beamr Imaging 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 Freight Technologies and Beamr Imaging into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Freight Technologies and Beamr Imaging Ltd, you can compare the effects of market volatilities on Freight Technologies and Beamr Imaging 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 Freight Technologies with a short position of Beamr Imaging. Check out your portfolio center. Please also check ongoing floating volatility patterns of Freight Technologies and Beamr Imaging.
Diversification Opportunities for Freight Technologies and Beamr Imaging
0.37 | Correlation Coefficient |
Weak diversification
The 3 months correlation between Freight and Beamr is 0.37. Overlapping area represents the amount of risk that can be diversified away by holding Freight Technologies and Beamr Imaging Ltd in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Beamr Imaging and Freight 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 Freight Technologies are associated (or correlated) with Beamr Imaging. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Beamr Imaging has no effect on the direction of Freight Technologies i.e., Freight Technologies and Beamr Imaging go up and down completely randomly.
Pair Corralation between Freight Technologies and Beamr Imaging
Given the investment horizon of 90 days Freight Technologies is expected to under-perform the Beamr Imaging. But the stock apears to be less risky and, when comparing its historical volatility, Freight Technologies is 1.04 times less risky than Beamr Imaging. The stock trades about -0.27 of its potential returns per unit of risk. The Beamr Imaging Ltd is currently generating about -0.11 of returns per unit of risk over similar time horizon. If you would invest 340.00 in Beamr Imaging Ltd on August 27, 2024 and sell it today you would lose (42.00) from holding Beamr Imaging Ltd or give up 12.35% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Weak |
| Accuracy | 100.0% |
| Values | Daily Returns |
Freight Technologies vs. Beamr Imaging Ltd
Performance |
| Timeline |
| Freight Technologies |
| Beamr Imaging |
Freight Technologies and Beamr Imaging Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Freight Technologies and Beamr Imaging
The main advantage of trading using opposite Freight Technologies and Beamr Imaging positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Freight Technologies position performs unexpectedly, Beamr Imaging 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 Beamr Imaging will offset losses from the drop in Beamr Imaging's long position.| Freight Technologies vs. OLB Group | Freight Technologies vs. Friendable | Freight Technologies vs. KwikClick |
| Beamr Imaging vs. Infobird Co | Beamr Imaging vs. HeartCore Enterprises | Beamr Imaging vs. Trust Stamp | Beamr Imaging vs. Quhuo |
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 Alpha Finder module to use alpha and beta coefficients to find investment opportunities after accounting for the risk.
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