Correlation Between Guardforce and MondayCom
Can any of the company-specific risk be diversified away by investing in both Guardforce and MondayCom 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 Guardforce and MondayCom into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between Guardforce AI Co and MondayCom, you can compare the effects of market volatilities on Guardforce and MondayCom 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 Guardforce with a short position of MondayCom. Check out your portfolio center. Please also check ongoing floating volatility patterns of Guardforce and MondayCom.
Diversification Opportunities for Guardforce and MondayCom
-0.11 | Correlation Coefficient |
Good diversification
The 3 months correlation between Guardforce and MondayCom is -0.11. Overlapping area represents the amount of risk that can be diversified away by holding Guardforce AI Co and MondayCom in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on MondayCom and Guardforce 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 Guardforce AI Co are associated (or correlated) with MondayCom. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of MondayCom has no effect on the direction of Guardforce i.e., Guardforce and MondayCom go up and down completely randomly.
Pair Corralation between Guardforce and MondayCom
Assuming the 90 days horizon Guardforce AI Co is expected to generate 30.0 times more return on investment than MondayCom. However, Guardforce is 30.0 times more volatile than MondayCom. It trades about 0.12 of its potential returns per unit of risk. MondayCom is currently generating about 0.07 per unit of risk. If you would invest 2.00 in Guardforce AI Co on September 13, 2024 and sell it today you would earn a total of 27.00 from holding Guardforce AI Co or generate 1350.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Moves Against |
| Strength | Insignificant |
| Accuracy | 83.23% |
| Values | Daily Returns |
Guardforce AI Co vs. MondayCom
Performance |
| Timeline |
| Guardforce AI |
| MondayCom |
Guardforce and MondayCom Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with Guardforce and MondayCom
The main advantage of trading using opposite Guardforce and MondayCom positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if Guardforce position performs unexpectedly, MondayCom 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 MondayCom will offset losses from the drop in MondayCom's long position.| Guardforce vs. Inspira Technologies Oxy | Guardforce vs. American Rebel Holdings | Guardforce vs. TC BioPharm plc | Guardforce vs. bioAffinity Technologies Warrant |
| MondayCom vs. Dave Warrants | MondayCom vs. Swvl Holdings Corp | MondayCom vs. Guardforce AI Co | MondayCom vs. Thayer Ventures Acquisition |
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 Analyst Advice module to analyst recommendations and target price estimates broken down by several categories.
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