Correlation Between GetSwift Technologies and AB International
Can any of the company-specific risk be diversified away by investing in both GetSwift Technologies and AB International 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 GetSwift Technologies and AB International into the same portfolio, which is an essential part of the fundamental portfolio management process.
By analyzing existing cross correlation between GetSwift Technologies Limited and AB International Group, you can compare the effects of market volatilities on GetSwift Technologies and AB International 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 GetSwift Technologies with a short position of AB International. Check out your portfolio center. Please also check ongoing floating volatility patterns of GetSwift Technologies and AB International.
Diversification Opportunities for GetSwift Technologies and AB International
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GetSwift and ABQQ is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GetSwift Technologies Limited and AB International Group in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on AB International and GetSwift 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 GetSwift Technologies Limited are associated (or correlated) with AB International. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of AB International has no effect on the direction of GetSwift Technologies i.e., GetSwift Technologies and AB International go up and down completely randomly.
Pair Corralation between GetSwift Technologies and AB International
If you would invest 0.04 in AB International Group on August 26, 2024 and sell it today you would earn a total of 0.04 from holding AB International Group or generate 100.0% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 4.55% |
| Values | Daily Returns |
GetSwift Technologies Limited vs. AB International Group
Performance |
| Timeline |
| GetSwift Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| AB International |
GetSwift Technologies and AB International Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GetSwift Technologies and AB International
The main advantage of trading using opposite GetSwift Technologies and AB International positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GetSwift Technologies position performs unexpectedly, AB International 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 AB International will offset losses from the drop in AB International's long position.| GetSwift Technologies vs. Topbuild Corp | GetSwift Technologies vs. Western Acquisition Ventures | GetSwift Technologies vs. Morgan Stanley | GetSwift Technologies vs. Sabra Healthcare REIT |
| AB International vs. Boxlight Corp Class | AB International vs. Siyata Mobile | AB International vs. ClearOne | AB International vs. HUMANA INC |
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 Global Markets Map module to get a quick overview of global market snapshot using zoomable world map. Drill down to check world indexes.
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