Correlation Between GetSwift Technologies and Auddia
Can any of the company-specific risk be diversified away by investing in both GetSwift Technologies and Auddia 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 Auddia 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 Auddia Inc, you can compare the effects of market volatilities on GetSwift Technologies and Auddia 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 Auddia. Check out your portfolio center. Please also check ongoing floating volatility patterns of GetSwift Technologies and Auddia.
Diversification Opportunities for GetSwift Technologies and Auddia
0.0 | Correlation Coefficient |
Pay attention - limited upside
The 3 months correlation between GetSwift and Auddia is 0.0. Overlapping area represents the amount of risk that can be diversified away by holding GetSwift Technologies Limited and Auddia Inc in the same portfolio, assuming nothing else is changed. The correlation between historical prices or returns on Auddia Inc 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 Auddia. Values of the correlation coefficient range from -1 to +1, where. The correlation of zero (0) is possible when the price movement of Auddia Inc has no effect on the direction of GetSwift Technologies i.e., GetSwift Technologies and Auddia go up and down completely randomly.
Pair Corralation between GetSwift Technologies and Auddia
If you would invest 1.82 in Auddia Inc on October 20, 2024 and sell it today you would earn a total of 1.61 from holding Auddia Inc or generate 88.46% return on investment over 90 days.
| Time Period | 3 Months [change] |
| Direction | Flat |
| Strength | Insignificant |
| Accuracy | 5.56% |
| Values | Daily Returns |
GetSwift Technologies Limited vs. Auddia Inc
Performance |
| Timeline |
| GetSwift Technologies |
Risk-Adjusted Performance
0 of 100
Weak | Strong |
Very Weak
| Auddia Inc |
GetSwift Technologies and Auddia Volatility Contrast
Predicted Return Density |
| Returns |
Pair Trading with GetSwift Technologies and Auddia
The main advantage of trading using opposite GetSwift Technologies and Auddia positions is that it hedges away some unsystematic risk. Because of two separate transactions, even if GetSwift Technologies position performs unexpectedly, Auddia 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 Auddia will offset losses from the drop in Auddia's long position.| GetSwift Technologies vs. BioNTech SE | GetSwift Technologies vs. NetSol Technologies | GetSwift Technologies vs. Qualys Inc | GetSwift Technologies vs. Where Food Comes |
| Auddia vs. MobileSmith | Auddia vs. Cheche Group Class | Auddia vs. Dave Busters Entertainment | Auddia vs. NH Foods Ltd |
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 Portfolio Manager module to state of the art Portfolio Manager to monitor and improve performance of your invested capital.
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