Correlation Between Freight Technologies and CXApp
Can any of the company-specific risk be diversified away by investing in both Freight Technologies and CXApp 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 CXApp into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Freight Technologies and CXApp Inc, you can compare the effects of market volatilities on Freight Technologies and CXApp 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 CXApp. Check out your portfolio center. Please also check ongoing floating volatility patterns of Freight Technologies and CXApp.
Diversification Opportunities for Freight Technologies and CXApp
0.9 | Correlation Coefficient |
Almost no diversification
The 3 months correlation between Freight and CXApp is 0.9. Overlapping area represents the amount of risk that can be diversified away by holding Freight Technologies and CXApp Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on CXApp Inc 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 CXApp. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of CXApp Inc has no effect on the direction of Freight Technologies i.e., Freight Technologies and CXApp go up and down completely randomly.
Pair Corralation between Freight Technologies and CXApp
Given the investment horizon of 90 days Freight Technologies is expected to under-perform the CXApp. But the stock apears to be less risky and, when comparing its historical volatility, Freight Technologies is 2.46 times less risky than CXApp. The stock trades about -0.25 of its potential returns per unit of risk. The CXApp Inc is currently generating about 0.02 of returns per unit of risk over similar time horizon. If you would invest 298.00 in CXApp Inc on August 27, 2024 and sell it today you would lose (157.00) from holding CXApp Inc or give up 52.68% of portfolio value over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Together |
| Strength | Very Strong |
| Accuracy | 100.0% |
| Values | Daily Returns |
Freight Technologies vs. CXApp Inc
Performance |
| Timeline |
| Freight Technologies |
| CXApp Inc |
Freight Technologies and CXApp Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Freight Technologies and CXApp
The main advantage of trading using opposite Freight Technologies and CXApp positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Freight Technologies position performs unexpectedly, CXApp 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 CXApp will offset losses from the drop in CXApp's long position.| Freight Technologies vs. OLB Group | Freight Technologies vs. Friendable | Freight Technologies vs. KwikClick |
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 Risk-Return Analysis module to view associations between returns expected from investment and the risk you assume.
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